New York based builder and developer Michael Dubb, founder and principal of The Beechwood Organization was interviewed at Harbour Pointe at Shorehaven in the Bronx about the New York Real Estate Market. He commented that he has absolutely started to see the trend of more homes being sold and is “cautiously optimistic”.
The amount of unsold new homes is in fact the lowest since June 2002. Due to the bailout along with the federal tax credit, banks have been able to offer interests rates of 5% and below. This is prompting customers to take advantage of the opportunity and enabling developers like Michael Dubb to increase construction helping to embark on what many hope will be the path to recovery.