We go to REBNY meetings so you don't have to!

Fact is, I love a Rebny meeting. The Real Estate Board of New York, Brooklyn edition, is a fascinating cross-section of brokers, from small companies (like ours) to the big guys - Corcoran, Prudential Douglas Elliman, and Brown Harris Stevens - plus a rotating cast of developers and mortgage brokers. 

Since the bubble burst, these gatherings resemble a mid-flood town hall meeting in Fargo. Last week's gathering did not disappoint. As you can imagine, the consensus is as follows:

Sales volume is down. Average sale prices are down. Some brokers are closing offices, or laying off staff, or merging with other firms.

But there are some bright spots, especially for renters and people buying property priced under $900K:

-Mortgage rates are super low, and we should see the new conforming loan limit rise to $729K in the next few weeks. If you have great credit, and can put down 20% or more, you can get loans under 5% right now.

-Landlords in Brooklyn are finally waking up to the fact that renters do not want to pay broker's fees, and are beginning to cover those fees themselves. This change has "happened overnight" in Park Slope, according to brokers at the meeting. Huzzah!

-Developers have really tuned in to what people want. One new rental development features washers & dryers in all of their 1- and 2-bedroom apartments. Right?

All in all, good news. It's nice to see some progress out there, and to witness the industry changing to suit the new paradigm.