Ostentatious displays of dynastic wealth are out, conspicuous frugality is in. So New York real-estate brokers are rushing to get with the new marketing program, emphasising value. Specifically, they’re hurrying to use the word “reduced.”
The New York Times: The new propriety frowns at luxury, lifestyle and the fetishistic focus on designer brands and architects. Instead, brokers say they are trying to recast their listings in terms of responsible spending, comfort and, most especially, value.
“Three or four years ago, value was something that was uncomfortable even to talk about,” said Bruce Ehrmann, an associate broker at Stribling & Associates. “Value suggested thrift, and thrift meant you couldn’t keep up.”
But now value has another ring and thrift has a nice kind of sound. “People are not buying emotionally or lustily — they’re buying in a calculated manner the likes of which we haven’t seen in 15 years, except briefly after 9/11,” Mr. Ehrmann said. “The draw tends to be location, price and value before glory, glamour, Valcucine kitchens and Waterworks baths.”
An attractive price is the most direct way to convey value, preferably set off by some variation of the formerly taboo “reduced.”
“We never used to say ‘reduced’ in a very strong market because we felt people would think of it as tainted goods,” said Deanna Kory, a senior vice president at Corcoran. “But now if you don’t, people don’t think the seller is serious, especially if it’s been on the market any length of time. And people today feel cheated if they don’t get a deal.”