RE Television Turns The Bubble Into Public Circus
In a move that readers would recognize as a sign of a turn, RE television shows are springing up all over. Newsday interviewed this "real estate celebrity, barefoot, wearing a cranberry colored blazer and slacks."
"Barbara Corcoran is even more of a symbol of the city's obsession with real estate now. She's on "Good Morning America" and the "Today" show advising people how to buy and sell. By September she hopes to host a weekly real estate show on national television."
The article does have some warnings. "A newsletter from a group of Prudential downtown Manhattan brokers said recently, 'You heard it here first: The market is slowing down and pretty significantly too.' One of those brokers says people are reducing 'really extreme asking prices' for high-end apartments but that the market's still strong."
"Corcoran concedes there are periods when housing markets drop. Over a 3 1/2 year period beginning in 1987, city prices dropped about 32 percent."
"She admits there are some people who risk getting hurt badly in this housing boom.'Is it dangerous to be a flipper if you don't have an educated eye? It's ridiculous,' she says."
"Her advice? If you're a seller, underprice your property by 10 percent and you'll set off a buying 'frenzy.' If you're a buyer, overbid to get the property you want, and the rising tide of the real estate market will protect you."