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NEW YORK ( TheStreet) -- This past spring, Gerard Longo, a property developer and broker based in New York, started seeing evidence that the market was starting to recoverShowings were bookedPotential buyers were lining upThings were looking good"We were doing 30 to 40 appointment showings a week," he says"That's a lotGenerally that equates to five to 10 offers and will turn into two or three salesBut that didn't happenWe just had all these showings, but no one was buying." Summer is traditionally a slow month for those in the real estate businessOn the heels of a brutal market downturn, Longo was prepared for the worseIf the spring showings yielded few sales, July and August would likely be a bustBut suddenly offers started coming in"July and August have probably been the best months of the year," Longo says"Confidence is building and money is coming back into the market." The number of homes sold in New York City between May and July was down 36% from the same period a year earlier, according to the real estate database TruliaWhile August sales data aren't yet available, some brokers are seeing nascent signs of recoveryLongo, who has been working in real estate for 28 years, has renovated 500 properties, and developed or consulted on more than 60 condominium projectsHe's a principal of Atlantic Walk Vestry, the developer of exclusive properties such as the Fairchild and the Pearline Soap Factory in North TribecaActor James Gandolfini and pop star Justin Timberlake are among the celebrities who call his properties home He has seen the peaks and troughs of the real estate market, and he sees some unique factors in the current uptick"For a time, you couldn't sell anything over $10 million and the $20 million range was difficult," says Longo, whose Brooklyn real estate firm has overseen more than 7,000 transactions"Now, that market has come alive againWhy? It's the reduction in pricing, which in some areas is 25%." Many of the buyers braving the post-bust marketplace are families, many of whom are looking at properties in the $2 million to $6 million rangeUnlike single buyers, families tend to consider buying a home a necessityAnd they're viewing this time as an opportunity to jump inThe return of Wall Street money, bonuses in particular, is also sparking sales"Unlike the rest of the country, where they look at Wall Street one way, we look at them as our customers," he says"These are the people we are working with every day -- Goldman Sachs ( GS), Morgan Stanley ( MS), Blackstone ( BX)." Longo is predicting that, "September is going to be a blowout month." Paula Del Nunzio of Brown Harris Stevens, one of the leading real estate brokers in Manhattan, sees steady activity among selective buyersOf the eight largest residential townhouse sales in New York City, she has represented the sellers of six, including the record sale of the Harkness Mansion for $53 millionShe was also involved in the sale of the 27-room Upper East Side mansion of Penthouse publisher Bob Guccione for $49 million "There is definitely activity at the high end," she said"It just depends very much upon which buyer is buying the properties they truly adore." Pop star Madonna, for example, recently bought a townhouse on East 81st Stfor more than $30 millionShe had spent two years looking for a home with a garage and walled garden"It was exactly the property she wanted," Del Nunzio says"It is a location that many people would not have paid that number forBut she did, and wanted to, because it had what she wanted." While admitting that sellers "are driving as hard a bargain as they possibly can," she puts little stock in talk of a new frugality that could hurt sales of luxury homes"Remember, there were about 5,000 people on Wall Street who got a bonus of $1 million or more, and there were bonuses many times more than them," she adds"Not everyone is at doom's door." -- Reported by Joe Mont in Boston Follow TheStreet.com on Twitter and become a fan on Facebook document.addEventListener('appBottomLoadedEvent', function () { if (typeof $LAB !== 'undefined') { $LAB.script(function () { return '//s.t.st/assets/thestreet-ngbeta/production/399/js/article/article-hash-pagination-9d3d4680ad501cd5ecd77fb5bf0b5ba0.js'; }); } }); 5 *********** --> If you liked this article you might like 4 Big Things to Watch Now That the Dow Has Lost Nearly 1,200 Points in 3 Days Stock will try hard in the coming week to overcome increasingly negative sentimentFacebook's stock looks for a bounce higher, finallyAnd the NY auto show kicks off. Brian Sozzi Mar 26, 2018 6:21 AM EDT TheStreet's Founder Jim Cramer Is Holding a Huge Call With Investors Monday TheStreet's founder Jim Cramer will hold his HUGE call with Action Alerts Plus members on MondayWith market volatility returning with a vengeance, it would be foolish to not be on this exclusive call. Brian Sozzi Mar 26, 2018 6:21 AM EDT Rewind: Keep Calm, It's Saturday! Forget Market Meltdowns, Trade Wars, #FakeNews Don't worryWe've got Bourbon for you at the end of this crazy week of market chaos, trade war talk, Facebook, Fed and #FakeNewsRewind and unwind with TheStreet's video newsletter. Julie Iannuzzi Mar 24, 2018 10:40 AM EDT This Popular Retirement Investment Could Get a Boost From the Fed's Rate Hike CD rates could soon be on the riseHere are the pros and cons using them for retirement savings. 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Symbol Price Change %Change Showing up to 5 most recent symbols if (typeof Keystone !== 'undefined') { // JKIM this is unnecessary > Keystone.pageMetaData = { contentType: 'watchlist' }; document.addEventListener('deferredLoadedEvent', function () { $(function() { if ($.cookie("RGIS")) { var cleanId = Keystone.UPM.Auth.parseRgis(); if(parseInt(cleanId, 10) > 0) { $("#watchlistData").show(); } } }); }); } {{#tickers}} {{symbol}} {{ formatNumberValue currentPrice}} {{ formatNumberValue (splitNetChange netChange) 'change' }} {{ formatNumberValue percentChange 'change' }} {{/tickers}} Advertising Partners 5********************** --> Trending Be Super Careful in This Stock Market or Risk Getting Your Face Ripped Off USG Stock Spikes as Berkshire Offers Full Stake to Knauf at 25% Premium Facebook, Uber, Finish Line and Remington - 5 Things You Must Know 4 Big Things to Watch Now That the Dow Has Lost Nearly 1,200 Points in 3 Days TheStreet's Founder Jim Cramer Is Holding a Huge Call With Investors Monday 5 ********************** --> {{{body}}} {{#if isFirstPage}} {{#if videoStoryId}} {{/if}} {{#unless videoStoryId}} {{#if largeThumbUrl}} {{articleImageCaption}} {{/if}} {{/unless}} {{/if}} {{#if !isFirstPage}} {{/if}} Continue Reading {{#if !isLastPage}} {{/if}} (Page {{page}} of {{total_pages}}) (function(){ var articleModel = {"slides":{},"callout":"Gerard Longo, a real estate broker in New York, says home sales in the city have been picking up as the economy improves.","pagination":{"currentArticleUrl":"/story/10592503/1/new-york-broker-sees-signs-of-recovery.html","nextArticleUrl":"/json/article/related/1140804/10592503/1?type=json&excludeId=10592503","currentArticleDataUrl":"/story/10592503/1/new-york-broker-sees-signs-of-recovery.html?type=json","nextArticleDataUrl":"/json/article/related/1140804/10592503/1?type=json&excludeId=10592503"},"keywords":"[1102731, 1102746, 1103072, 1118065]","footer":"","articleImageUrl":"","isExternalContributor":false,"publishDate":new Date(1251728324000),"primaryAuthorUrl":"/author/1147782/joe-mont/all.html","siteName":"TheStreet","mediumThumbUrl":"","leadTicker":"[\"GS\",\"MS\",\"BX\"]","categoryName":"The Good Life","publishDateFormatted":"2009-08-31T10:18:44.000Z","compactPubDate":"10:18 AM","numPages":3,"subcategoryName":"Sponsorship -- Top 1%","lastPublishDate":"2009-08-31T10:18:44.000-0400","pages":{"0":{"number":1,"pageTitle":"New York Broker Sees Signs of Recovery - TheStreet","isLastPage":false,"body":" NEW YORK ( TheStreet) -- This past spring, Gerard Longo, a property developer and broker based in New York, started seeing evidence that the market was starting to recoverShowings were bookedPotential buyers were lining upThings were looking good\"We were doing 30 to 40 appointment showings a week,\" he says\"That's a lotGenerally that equates to five to 10 offers and will turn into two or three salesBut that didn't happenWe just had all these showings, but no one was buying.\" Summer is traditionally a slow month for those in the real estate businessOn the heels of a brutal market downturn, Longo was prepared for the worseIf the spring showings yielded few sales, July and August would likely be a bustBut suddenly offers started coming in\"July and August have probably been the best months of the year,\" Longo says\"Confidence is building and money is coming back into the market.\" The number of homes sold in New York City between May and July was down 36% from the same period a year earlier, according to the real estate database TruliaWhile August sales data aren't yet available, some brokers are seeing nascent signs of recoveryLongo, who has been working in real estate for 28 years, has renovated 500 properties, and developed or consulted on more than 60 condominium projectsHe's a principal of Atlantic Walk Vestry, the developer of exclusive properties such as the Fairchild and the Pearline Soap Factory in North TribecaActor James Gandolfini and pop star Justin Timberlake are among the celebrities who call his properties home","isFirstPage":true,"url":"/story/10592503/1/new-york-broker-sees-signs-of-recovery.html"},"1":{"number":2,"pageTitle":"New York Broker Sees Signs of Recovery - Pg.2 - TheStreet","isLastPage":false,"body":" He has seen the peaks and troughs of the real estate market, and he sees some unique factors in the current uptick\"For a time, you couldn't sell anything over $10 million and the $20 million range was difficult,\" says Longo, whose Brooklyn real estate firm has overseen more than 7,000 transactions\"Now, that market has come alive againWhy? It's the reduction in pricing, which in some areas is 25%.\" Many of the buyers braving the post-bust marketplace are families, many of whom are looking at properties in the $2 million to $6 million rangeUnlike single buyers, families tend to consider buying a home a necessityAnd they're viewing this time as an opportunity to jump inThe return of Wall Street money, bonuses in particular, is also sparking sales\"Unlike the rest of the country, where they look at Wall Street one way, we look at them as our customers,\" he says\"These are the people we are working with every day -- Goldman Sachs ( GS), Morgan Stanley ( MS), Blackstone ( BX).\" Longo is predicti

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