Thought I’d write about the scarcity of property at the moment. take the following examples:
Buyer with approximately $1mm budget looking for a 2bedroom, 1.5bath apartment on the Upper West Side.
Looked for 6 weeks, really nothing over 1000 square feet to show them, ultimately they rented for another year.
Buyer with a budget of $5mm looking for 3-4 bedrooms over 2200 square feet, condominium, Upper West Side- about 5 choices currently.
Buyer with a love for views- 2-3 bedrooms with a $3mm budget- nearly nothing to show them up and down the West Side.
Even a buyer with a budget of $10mm, looking for a downtown building in which he can put a restaurant.
Very Limited Options.
Let’s just say that I’m very glad to be representing sellers this year- for the inventory is strikingly low.
We’re seeing price appreciation- my buyers of 2010 and 2011 seem very, very happy to have bought when they did, and my buyers of 2009 are considering selling their apartments and taking some gains.
Quite an interesting time.
Further, my listing at 10 Jumel, which was recently promoted in the Wall Street Journal as the Most Expensive Listing in Washington Heights has a signed contract.
listing on East 30th, which has recently been dropped to $5.395mm, has significant action after a few months on the market.
I will have a new 2-bedroom unit on the market this weekend, and will report back with the interest level there.
And a new listing coming on in Chelsea at 420 west 23rd street- a condominium.
We’re experimenting with more, and smaller, blog posts throughout the month.
Your feedback and thoughts on how this looks are so helpful!