By Candace Taylor, The Real Deal New York
As market fears kick in, all-cash deals soar
And Michael Daly, the principal broker at True North Realty Associates in the Hamptons, said some 75 percent of his deals are all cash right now. He recently represented the all-cash buyers of a $2 million Shelter Island home and a house in Westhampton Beach that sold for $7.5 million in cash.
Others have been amassing cash in recent months in anticipation of real estate bargains, Daly said.
“A lot of people have gone heavy into cash over the course of the last year,” he said. “They’re waiting for the bottom — in all types of investments. For those who feel that the bottom is here, it’s time to make a move.”