Home Buying in New York>Question Details

Noam, Both Buyer and Seller in New York, NY

Inventory in NYC

Asked by Noam, New York, NY Thu Nov 1, 2012

Is there a lack of inventory in NYC at the moment, and if so, what are the reasons for that?

Help the community by answering this question:

Answers

9
According to 3Q12 Manhattan Sales report by Miller Samuel, Manhattan inventory for sale was the lowest in 7.5 years - at the end of Sept 2012 there were only 5,857 listings, which is 24% lower than as of the end of Sept 2011. Reasons - sellers that are not pressed for time are renting for a year or two and waiting for the market to recover and prices to go up. The sellers that were in need of selling now have sold during the summer months....
0 votes Thank Flag Link Sun Nov 11, 2012
Noam:

I think there are 3 simple reason the inventory is at less then one percent vacancy for rentals.
1. there are more job opportunities in NYC
2. banks are not giving loans as easily
3. due to the low inventory, high prices, and cost of moving, many people are extending their leases for an additional year and thus there is even less opportunity to obtain an apartment during this transition from one unit to another freeing up the inventory momentarily.

Please let me know if you are interested more in sales and I will be happy to review the inventory as well.

Warm regards,

Christie Yamron
Broker / Owner
CNYC PROPERTIES, LLC
Manhattan
108 E 31st St. Ground Floor I New York, New York 10016
O: 646 559 1796 I M: 786 797 6777 I F: 917 591 8260
0 votes Thank Flag Link Sun Nov 11, 2012
Noam,
Yes the inventory in Manhattan has been low for quite a while now especially in condos. There are more studios and 1 bedroom coops than anything else but prices are holding steady if not rising.
Dues to Hurricane Sandy there is likely to be a rental shortage comparable to what was happening in the 60’s and late 70’s. It’s likely that there will even be more of a run on condos as so many are displaced and it is comparatively quick to sublet as well as close and take possession of a condo.
Jolie Muss
Licensed Real Estate Broker & Brokerage
"The Upper West Side's Buyer Broker"
331 Columbus Avenue, New York, NY 10023
Office: 212 721-3301 Email: broker@joliemuss.com
Website: http://joliemuss.com Trulia: http://www.trulia.com/profile/jolie
Twitter: http://www.twitter.com/jojomuss LinkedIn: http://www.linkedin.com/in/joliemuss
0 votes Thank Flag Link Fri Nov 9, 2012
Sales or rental side? Manhattan or all five boroughs?

Sales inventory varies based on what price range, location and other specifics. Overall, there is a healthy mix of inventory, but be prepared to sacrifice on certain points. Even in the high end "uber" luxury segments of the market, just because you can afford a $20M penthouse, doesn't mean there s a gluttony of selections that meet all of your wants and needs.

Rental inventory is notoriously low as we are primarily, a city of renters. The vacancy rate is still well below 1% due to the never ending influx of new highers, students, transplants and such.

This varies greatly in the other boroughs aside from Manhattan. I only gave those stats as I assume you meant that when you said NYC as most people tend to assume NYC as only Manhattan.
0 votes Thank Flag Link Mon Nov 5, 2012
NYC vacancy is very low at the moment. To give you an idea, the rental inventory is below 1%. Sales are very active and inventory is tight. As a result, the development community is responding by developing large-scale new developments in formerly undeveloped neighborhoods like the far west and far east side, the financial district, parts of Brooklyn, and Queens.
0 votes Thank Flag Link Fri Nov 2, 2012
Hi, Noam.
The NYC real estate market is very active right now. Some neighborhoods, such as the Upper West Side are very low in inventory and new correctly-priced co-ops and condos are snapped up quickly with multiple bids. It varies neighborhood by neighborhood, but it is a robust market.
As far as reasons, one big reason is the historicallly low interest rates. Another is that Manhattan is an island, so we can't build out, so real estate only trends up over time, even if there is a blip like we saw in Sept, 2008 through 2009 here. We were last in, first out of the housing crisis. Other reasons are that NYC is a world capital, unlike much of the rest of the country. We are a financial center, an arts center, a center for advertising, the UN, major sports teams, etc. An investment in NYC real estate is about as sound an investment as one can make.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
0 votes Thank Flag Link Fri Nov 2, 2012
Good Morning Noam. Though I don not do much business in the city, I do service Queens and all of Long Island. In my recent experience--within the past 6 months, we have seen higher demand for property, especially in queens, where investors are eagerly awaiting the next investment property to hit the market. To make a long story short, I believe that there is temporary lack of inventory and an even more lack of "great steals" in comparison to the amount of investors looking for them.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,


De Vonte Williamson, LSA
Proudly Serving Long Island
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Fri Nov 2, 2012
some owners, who are not pressed to sell right now have decided to rent for a year or two rather than sell and wait for the prices to go up... Also during summer lots of inventory was sold
0 votes Thank Flag Link Fri Nov 2, 2012
It is the same in many locations. First time home buyers are still wary of taking the plunge and are staying on as renters. There is an influx of new renters from the ranks of those who have lost their homes to foreclosure. New housing starts are slow so less inventory for the buyers that are out there. These buyers then compete with the landlord investors for the sales inventory that is out there. And you still have the first time renters coming in to the market, going to college, moving to a new job right after college, moving out of their parent's home etc. It's all a case of supply and demand. We have a lot of new rental construction going on in Boston right now just to satisfy that demand.
0 votes Thank Flag Link Fri Nov 2, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer