Quality of Life

There is an interesting article in the New York Times business section today with the CEO of the Corcoran Group, which is owned and operated by NRT, one of the nation’s largest residential brokerage companies.  She talks about the challenges of selling real estate in New York City.  She said that finding inventory in larger units of 4 bedrooms or more was very difficult.  The influx of foreign buyers from the Middle East and China buying expensive condos and driving up values.  The average sale for the Corcoran Group in the month of October was $1.6 million.  These problems are very similar to what we experience in the Inland Empire.  We have a scarcity of inventory, investors are bidding up our properties and foreign buyers are having an impact on us as well.  The biggest difference is in our commission checks.  I would still rather do business here: than in New York City.