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Ken Allen's Blog - Darien CT

By Ken Allen | Agent in Darien, CT

The Allen Report: Tough Time for Home Buyers in New York City

View from $125 million penthouse in The Pierre, Elizabeth Sample, April 2013:

Real Estate Brokers in New York City Predict a Tough Time for Buyers

(Editor's note:  My blog yesterday on two new $42 million properties in Manhattan led me to wonder:  What are market conditions like in New York and what's available at the top of the market?  Here's what I found.)

With inventories at or near record lows and prices pushing up, all signs point toward a seller's market for Manhattann real estate this spring, Michelle Higgins reported in the New York Times on April 1.

The number of apartments for sale dropped 34.4 percent to 4,960 listings in the first three months of the year -- the largest year-over-year decline in 12 years, according to the Douglas Elliman brokerage firm, Higgins wrote.

At the same time, sales went up 6.3 percent and prices increased in all categories, according to the Elliman report.

All of this means a tough time for those looking to buy, Higgins said.

"The demand is across the board from studios to $50 million apartments, and there is not enough supply," said Pamela Liebman, the chief executive of the Corcoran Group.

"There are more bidding wars.  There's more frustration."

At the top of the market are three properties ranging from a $125 million penthouse in The Pierre Hotel to a $120 million building in Greenwich Village to a $115 million apartment at Beacon Court, according to the Wall Street Journal.

For more on these and other top of the market properties:  http://realestate.wsj.com/for-sale/us/ny?sid=87&mod=WSJ_RealEstate_QuickLink1

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