New York City Real Estate | NYC, NYNew York City Real Estate | NYC, NYNew York City Real Estate | NYC, NYNew York City Real Estate | NYC, NY
  • ABOUT
    • ABOUT SCOTT
    • ABOUT THE TEAM
    • PRESS
  • BUYERS
  • SELLERS
  • VIDEOS
  • LISTINGS
  • JOIN OUR TEAM
  • BLOG
  • CONTACT
  • CALL SCOTT NOW

"Nowhere For Them To Move Into"

    Home Newsletter "Nowhere For Them To Move Into"
    NextPrevious

    "Nowhere For Them To Move Into"

    By admin | Newsletter | Comments are Closed | September 18, 2012 | 0

    I’ll recount a short conversation with a top-producing broker in my office this week, after seeing his gorgeous apartment listing on Riverside Drive.
    “Are you having trouble convincing owners to sell their larger apartments?”
    “Well, there’s nowhere for them to move into, so yes.

    There are not enough huge apartments.”
    The conversation continued talking about how many owners are making the typical leap from city to suburbs, buying large spec homes in Westchester.

    But if an owner can’t find 4000, 5000, 6000 square feet in Manhattan, what, oh what, are they ever to do?
    Answer?

    Not sell.
    I’ve covered this recently, but it’s important to cover again, since it impacts the entire apartment food chain.
    Crain’s covered this yesterday- an article definitely worth reading.
    There hasn’t been the huge pickup of listings this September.

    Are sellers waiting for October?

    Likely as not, no.

    Anything with a River View on Riverside Drive is selling.

    Anything gracious at all, frankly.

    Anything large, even into West Harlem.

    The need for more, and larger, apartments, is real.

    The demand is there, and the supply is not.

    Whether this means the prices will push higher is unclear, in the coop world.

    432 Park

    432 Park, the next tallest tower


    With that in mind, the lack of condos, and the demand which I’m seeing for them, has created quite an issue.

    Simply put, more needs to be built, or we’re going to have a real shortage.

    Perhaps then there will be a flood of apartment listings, that’s not the problem right now, not at all.
    Here’s another article about this from yesterday, also in Crain’s.

    Barring some unforeseen issues, with mortgage rates where they are, borrowing is so embarrassingly cheap that condo construction should be greenlit for all qualified developers, and we should see condo inventory pick up steam- whether it happens at the mid-to-low range in Manhattan may be doubtful, though.

    Why would developers focus on the 1- and 2-bedroom inventory when the highest-of-the-high end is selling so well?

    The numbers are staggering.
    I would guess we’ll see most of the normal condo inventory get built in Brooklyn and Long Island City, not in Manhattan.

    What gets built in Manhattan will be nice-returning rental buildings, and super high end condominiums.
    Of course, any developer willing to do smaller apartments should see massive interest, as pricing in the $1200-1500 per square foot for “normal” apartments.

    Amazing.

    apartment listings, apartment ownership, brown harris stevens, chelsea, Condo sales, condominiums, construction costs, coops, harris residential team, loan commitment, mortgage rate, selling new york, Upper East Side

    NextPrevious

    Recent Blog Posts

    • (VIDEO) Trading Masks for Armor? The Battle For New York Real Estate is On. April 29, 2022
    • Miami Comes To New York- In The Form of Regulation April 27, 2022
    • My First New York City Real Estate Deal April 27, 2022
    • The Flight To Quality, and 4 Other Good Reasons Why the RE Market Stays Strong in 2022 in NYC March 30, 2022
    • (VIDEO) Saying Grace at the Real Estate Table March 30, 2022
    • Gray is Out & Brown Is Coming Back In (And I Don’t Mean Hair Color) – Top 5 Design & Homebuyer Trends from the Luxury Portfolio International Conference 2022 March 29, 2022
    • (VIDEO) Inventing Inventory! Feeling the Challenges of Being A Buyer Today. February 27, 2022
    • Hello From Our 2021 Award-Winning Team! What We Won! February 27, 2022
    • Adventures in Desperation: Welcome to New York City Rental Market February 27, 2022
    • Where is New Inventory Going to Come From? Headwinds that Buyers and Neighborhoods Face in 2022 January 30, 2022

    Archives

    Call us: (646) 400-0769
    Email us: sharris@bhsusa.com
    Visit us: Brown Harris Stevens
    1926 Broadway
    New York NY 10023

    © 2022 The Harris Residential Team. All rights reserved.
    • About Scott Harris
    • About the Team
    • Press
    • Buyers
    • Sellers
    • Videos
    • Listings
    • Blog
    • Contact
    • Call Scott Now
    • Brown Harris Stevens Fair Housing Policy
    • ABOUT
      • ABOUT SCOTT
      • ABOUT THE TEAM
      • PRESS
    • BUYERS
    • SELLERS
    • VIDEOS
    • LISTINGS
    • JOIN OUR TEAM
    • BLOG
    • CONTACT
    • CALL SCOTT NOW
    New York City Real Estate | NYC, NY