New York City, New York (PRWEB) August 19, 2017
The real estate industry, as lucrative as it is, has seen its fair share of lows. Particularly between 2006-2008, when the infamous housing bubble was a major factor in causing the Great Recession, the real estate industry was in dire straits. However, with the Great Recession behind us, the industry is seemingly doing much better. That isn’t to say that there are still problems, both old and new, plaguing the sector.
Doug MacFaddin, Director of the Meier Team at the Corcoran Group, has shed some light on what he believes to be one of the biggest issues in the industry today; more specifically, MacFaddin speaks on what he believes is New York’s largest real estate issue: pricing.
The sheer amount of properties that are being developed in the Big Apple this year alone is quite staggering. According to MacFaddin, “In 2017 alone, there will be approximately 4,800 new units in Manhattan, 2,400 new units in Brooklyn and 850 new units in Long Island City.” That’s a combined total of 8,050 new units. What makes the situation so pressing is the fact that this spike in properties can hurt pricing.
MacFaddin states, “If funding trends higher and the supply of new developments continues to swell, prices will significantly drop in Manhattan and Brooklyn.” This will not be good for realtors or the industry in general.
There are other potential headaches that could pose a legitimate problem to the industry; the need to redesign units in order to adapt to new technologies, political disputes, both domestic and foreign and labor issues to name a few.
Again, despite these potential issues, the real estate market is still doing well. But if the number of properties continues to, as MacFaddin puts it, “swell,” we could see the start of a very large problem.
About Doug MacFaddin
An adept real estate agent, Doug MacFaddin has devoted three decades to expanding his professional career, which has spanned several industries, including software development, video games, finance and business development. His wealth of professional experience has given him a varied skill set that includes leadership, communications, SEO, software development and customer service.
As the director of the Meier Team at the Corcoran Group, Doug MacFaddin is responsible for overseeing several aspects of the team’s business. More specifically, Doug handles lead generation app development, client management and document negotiations.
Before his time at Corcoran, Doug had served at several companies and organizations in a variety of executive roles, including senior client manager at Borderfree, VP of corporate development at Reloaded Games, Inc., and the director of business development at Pando Networks. Doug has even spent some time in an entrepreneurial role as the CEO of PhotoOne Software.
With this vast amount of experience, Doug MacFaddin has forged an incredibly successful career for himself. His ability to learn and adapt to several different industries, apply his prior knowledge to new positions and lead his colleagues to great success is a testament to his capability as a professional.