Thornwood, NY -- (SBWIRE) -- 06/20/2011 -- Top real estate experts are reportedly unsurprised by last week’s news that housing prices appear to be dipping. In fact, Marilyn Harra Kaye, who is celebrating her 40th year in real estate and is president of MLB Kaye International Realty, predicts “further price declines,” especially in New York City. The reason for this, she said, is because prices were inflated by excessive financing and global money looking for a safe haven.

She added that Manhattan traditionally lags behind other markets “and in this recession, it lagged a year and a half behind the rest of the country, but it did indeed arrive – just later.”

She calls some of the changes “necessary adjustments” of over-inflated prices due to excessive financing, widespread unemployment and hard-to-find financing. “This is clearly indicated by the numerous auctions and price reductions, as well as a more realistic approach to the price bubble, which got too big,” she said. “These problems should resolve when prices stabilize; when auctions absorb empty apartments; as prudent financing returns; and when confidence builds with improving economic conditions fueled by entrepreneurial ventures.”

“As inventory is reduced, prices come down and jobs and financing are on the table, we will eventually have a stronger, healthier market,” Kaye said.

She continued. “We’ve seen this type of roller coaster many times before, so there’s no reason for alarm. In fact, while some prices have come down, “trophy” real estate has broken records. In addition, rents are rising, loan default rates are low, as well as remarkably low interest rates. These are all favorable conditions that undoubtedly lead to gain.”

As president of MLB Kaye International Realty, part of The Kaye Group, a real estate brokerage business in Manhattan for 50 years, Kaye has been riding the up and down wave of prices which is inherent in the world of real estate. While many real estate companies have merged, acquired or closed – The Kaye Group remains one of the “icons” in the Manhattan real estate market.

Kaye attributes the success and longevity of The Kaye Group to continuous ownership, strategic relationships with real estate associations and access to a global network of brokers, new technology and continued education for their brokers and associates.

“Above all, it is our ability to adapt to the changing market and connect with millions of brokers globally through the National Association of Real Estate (NAR), which offers our clients the global arena; as well as through our Luxury Real Estate membership that connects us to a higher priced market; and through the Real Estate Board of New York (REBNY) that keeps us on the pulse of Manhattan real estate. All of this combined has carried our success through some of the bumpiest markets over the last five decades.” she said.

Says Marilyn Kaye: “Lewis B. Kaye (LB Kaye International Commercial Realty) and I love real estate and our city, and we are always trying to create something that is better and different.”

Marilyn Kaye is president of MLB Kaye International Realty, located at 1067 Park Avenue in New York City. With more than 40 years of experience and overseeing $14 Billion in residential transactions, Marilyn Harra Kaye is considered one of New York's most innovative and influential real estate professionals in Manhattan. She can be reached at 347-657-9042, email mhkaye@mlbki.com, or http://www.mlbki.com.