Live,laugh,love: Giving Thanks - Warburg Realty

Giving Thanks
Posted on November 23rd, 2010 by Frederick Peters, President

Thanksgiving has always been my favorite holiday. Every year, at the end of our Thanksgiving dinner, my extended family goes around the table and each person speaks about what they feel particularly thankful for. This year I have a lot: my mother remains healthy and vital; I am still crazy about my wife after 33 years of marriage and we continue to lead engaged lives in which we try to give back at least some of what we get; we will welcome our first grandchild in January; our kids are both happily married and do interesting and challenging work. That’s the personal side. And my professional gratitude list? Here goes:

1) The Manhattan market had a good year overall, in spite of the lingering clouds of the recession. While confidence is still shaky, many buyers recognized value in our marketplace (especially relative to their other investments), so business has been good.

2) I have learned to run a tighter ship. Warburg closed two offices in early 2009 and I don’t really miss them. My wonderful staff, most of whom have been with us for many years, work every day in the dedicated manner which enables us to function effectively with 80% of the support people we employed in 2007.

3) Property is cheaper. More people can afford it, especially in this historically low interest rate environment. We are not selling exclusively to Wall Streeters any more, although finance professionals still make up a substantial percentage of our buyer and seller base. Attorneys, artists, doctors, actors, small business owners, corporate executives, real estate investors-we are working with a more diverse professional group than at any time in the recent past.

4) There are fewer, more dedicated agents in the marketplace. At the height of the real estate boom people flooded into our business, believing that a real estate salesperson’s license was a license to print money. Now most of them have discovered how hard the job actually is and have moved on. This leaves a smaller group of more professional, better trained agents most of whom actually know what they are doing!

5) The real estate agent has not suffered the fate of the travel agent. Statistics from the National Association of Realtors indicate that more consumers than ever use the services of a broker when embarking on a residential purchase or sale. With all the information out there in cyberspace, buyers and sellers need someone to act as an interpreter and advisor. That’s what we do!

Happy Thanksgiving. What are YOU thankful for?

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Filed under Fred's View of Manhattan Real Estate, Frederick Peters, President.