Super broker Paula Del Nunzio, of Brown Harris Stevens fame, manages to have a pretty pleasant outlook for New York’s luxury real estate market, despite the economic indicators that should have her waking up with night terrors. But the wealth of her experience (Del Nunzio sold New York’s most expensive townhouse–twice) has allowed her to keep cool during the real estate meltdown. During a conversation with the Observer‘s Max Abelson at the Four Seasons last week, she shares some of the reasons for her optimism. Some of our favorite excerpts are below; click through for the entire conversation.
“The thing is always supply and demand. And if you talk about the upper end of the townhouse segment, you have very limited supply, and you always seem to have a greater demand. For example, if you wanted a 20-foot renovated house between Fifth and Madison, you have three choices.”
“…if you look at real estate over time in New York, especially houses, they have, over time, appreciated in value.”
“Buying a piece of art is a discretionary purchase. Buying a residence is something you need. It’s going to rain; you have to go inside. If you don’t want water on your head, you have to buy a residence of some sort.”