With new construction projects and the surplus of inventory, 2018 has been the best buyer's market we have seen in years. Serious buyers now have lots of great options and opportunities to take advantage of. Let us help you navigate the new market, and get a great deal at great price.
Increase in available units under $1 million.
Inventory jumped by more than 25% in June, from a year earlier.
As units pile up, prices have dropped and could leave options for buyers across the board.
In the second quarter, Manhattan sales saw a third consecutive decline. As units pile up, condominium developers have been ramping up discounts and incentives. This month, Toll Brothers is holding a nationwide sales event in an attempt to boost sales. And Extell Development has offered price cuts and perks on sponsor units at One57.
[Bloomberg]— Meenal Vamburkar
Units priced below $1 million are piling up in Manhattan, according to a study by StreetEasy. Inventory climbed 27 percent in June from a year earlier — to the highest level for the month since 2013, the website found.
It's essentially a buyers' market across the board, and the total number of available homes in Manhattan is at the highest for the month since 2011. In Brooklyn and Queens, total inventory for June was the most since 2008.
"There are a lot of options out there, so be picky," Grant Long, senior economist for StreetEasy, told Bloomberg. "The power is in your hands to negotiate."
By October, "listings are expected to see another surge as sellers come off the summer slowdown," Long said. "If some of the supply isn't cleared out before then, prices will fall," he told Bloomberg.
Now is your time to take advance of this market and live the dream of home ownership in NYC. We can help you though this process at no cost to you whatsoever. Our commission is always paid by the seller and our services include assistance of board package and negotiations.
A competent buyer’s broker will help you to secure a great deal and navigate the complicated process of buying a co-op, while also guiding you away from common mistakes. Please reach out and we will be happy to discuss the best options for your purchase.