First Quarter 2014 The Manhattan market has seen tremendous appreciation in the last year and inventory levels continue to be at all time lows. As a result, competition for apartments in all price points can be very intense often with bidding wars ensuing and all cash or no mortgage contingency bidding over ask to get the property.
There are no indications right now that inventory levels will rise to meet the demand as there are few new construction homes in the pipeline beyond the ultra luxury market. With continued low inventories, 2014 will probably to continue to be an environment very much in favor of sellers. With prices topping previous sales in buildings, pricing a property is both science and art. With 15 years of experience, Brian can help to ensure that you get the most money for your property. As a buyer rep and skilled negotiatior, Brian can help to make your offer as atrractive as possible to a potential seller in this very competitive market.
Areas of Manhattan that are lagging the market overall are Sutton East, Murray Hill and parts of Hell's Kitchen.
Rising interest may have an impact on the market but it is not expected that they will rise quickly. However, very tight borrowing guidelines are keeping many buyers from participating in this market.
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