With Summer near us, New York Real Estate market here is heating up faster than New York city weather. OVERVIEW of MANHATTAN NEW YORK MARKET as of MAY 2013.
Limited housing supply is still the driving force as demand for the most prime and well priced apartments is still quite evident. We are seeing multiple bidding scenario’s on what seems like most condos that come on the market. If an apartment is priced well and is found in an established building in what’s considered a good neighborhood if you don’t see it within the first week of coming on the market it’s often too late as they have already received a few offers.
We have been extremely busy seeing a lot of the new development condominium projects all over the city. The main theme that we have seen is that property is flying off the market right now. The first sign of the hot market is when you are trying to
schedule an appointment and they are already booked for days in advance and when you finally get to the development office what you saw on-line a week ago as available has a contract out already. The name of the game with new development is get in early and be ready to make a quick decision.
The re-sale condominium market where we represent a lot of sellers and buyers shows many of the same similarities. Sellers are definitely in control of their destiny more so now than they have been in the last couple of years. For most types of apartments demand far outweighs the inventory out on the market and when an apartment comes on the market the first open houses are packed and the most well educated and serious buyers are not afraid to make very good offers.
If you are interested in buying or selling in Manhattan New York, contact us today at (646)644-6929 or send us an email, we will get back to you promptly.