Now is the time to buy in Manhattan, if you have cash, said Ivanka Trump, executive vice president of development and acquisitions of The Trump Organization.
"For the first time buyers have leverage in their negotiation with sellers," she said. “There’s a gap between the power they think they have and the power the sellers are willing to release the inventory. So you see a lot of incredibly low-ball offers, especially with condominiums and home-type product.”
Meanwhile, the challenge facing commercial developers is the lack of debt available to finance purchases.
(See her full comments in the video).
“We’re waiting for that to open up and then we’ll be ready to pounce,” she said. “We are very well positioned to take advantage of great opportunities."
Calculators and Advice from Bankrate.com:
- Compare Mortgage Rates Nationwide
- Struggling to Save Your Home? Get Help Here
While Trump properties along the Hudson River have been sold out for a longer period of time, she said, Trump Soho is seeing on-going sales because it’s geared towards an international buyer. Trump's commercial realty is fully leased, she said.
How bad will the housing market get? It’s going to get worse before it gets better, Trump said, but she expects a rebound will emerge quickly. “For developers, if you have cash and the debt market comes back, you will just make a killing,” she said. “It’s going to create dynastic fortunes.”