Market Report: OH's & More Inventory
A: I was out at about 5 OH's today, all in the low end in Upper East Side and Murray Hill, and found it to be a bit slower than previous weeks. While this is not a full report and is only my own experience with some buyer clients, I did talk to a few colleagues running open houses and they reported fine activity! Jumping to inventory, I see 104 new listings hitting the Manhattan sales marketplace in the past 5 days. Not a bad statistic and certainly a nice trend that if it continues should help alleviate the ultra-tight inventory problem here in New York City. However, neither of these reports is enough to declare any trends at this time; just something to keep an eye on as I report to you what I see right now!
Here are some direct quotes from brokers I know who have sales listings regarding this weekend's traffic:
Douglas Heddings (publisher of TrueGotham.com) -
"Only had one open house and its not a good gauge. Last week I had over 80 people though at a 1br for 499K. 7 offers all over ask."
Peter Comitini (publisher of Comitini.com) -
"I haven't been doing any open houses, but we talk about this at our weekly meeting, my office is very busy. Tuesday seems to be the best summer evening OH night. Slowing just slightly the past week? maybe? Our manager announced that June was the Chelsea Office's biggest volume month ever. I have been marketing this building in Flatiron at $8.4M. It has been a constant stream of appointments and very heavy call volume."
Paul Anand -
"Very surprised to have over 20 people come to the open house on a beautiful summer weekend...We have offers coming in this morning...Listing asking $575K...first day on the market...people that come to open houses in the summer, 85 degree beautiful days are serious buyers or they would just be at the beach..."
Wendy Jodel -
"309 east 87th, Apt 3H, we had 14 people at yesterday's open house. A good showing."It's nice to get some direct quotes from brokers at various firms. Anything that brings you street level information and a clue as to what is happening right now in Manhattan real estate in my opinion is worthwhile reading.
In general, I have to agree with them. Good products are moving fast and frustrated buyers who have been fed up with so little choices are moving quickly on apartments that fit their needs. It doesn't even have to be the perfect apartment anymore because quite simply, that doesn't exist. Every prospective homebuyer in New York City should realize that they will have to compromise on some aspect of their purchase. In my opinion, the focus should remain on the bones of the property in question that helps assure a healthy resale value; these include:
1. Location
2. Views
3. Natural Sunlight
4. Raw Space
Coming in next is monthlys in line with your affordability, building amenities, renovations, etc..I'll try to do more hands on reports like this with quotes from fellow brokers so you can keep tabs on any changes on the front lines on this crazy real estate marketplace!
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