New & Notable: Still Need More Inventory
A: New York City real estate still needs more inventory to meet demand. While I am still assessing whether the current credit concerns are infecting us here (nothing yet other than some psychological concern), the more important trends to watch are inventory and price points. Both are very healthy and with rental vacancy rates at 0.81% last month and no signs of any significant slowdown in buyer demand, we need more product to come to market if any price relief is to come to fruition. For now, here are some new and notable listings I am seeing.
First Came on Market: 8/06/2007
Asking Price: $995,000
Maintenance: $909 (nice and low at just over $1/sft)
Size: 900 SFT
PPSF: $1,105
Marketed By: Jennifer Roberts of Bellmarc Realty
175 West 13th Street; Apt: 12H
First Came on Market: 8/08/2007
Asking Price: $425,000
Maintenance: $701
Size: N/A
PPSF: N/A
Marketed By: Gene Staquet of Corcoran
And finally, the listing that anyone can afford...drumroll please.......Just under 10,000 SFT of space to do whatever you want. Attention rich people with play money!
As per the website, in addition to residence use..."Permitted uses also include community facility and not-for-profit organizations"
147 West 15th Street; Apt: MAIS
First Came on Market: 2/06/2007 - Back On Market --> 8/08/2007
Asking Price: $5,500,000
Maintenance: $4,858 (Just Above $0.50/sft!!!)
Size: 9,550 SFT --> attn: visionaries with lots of money
PPSF: $578
Marketed By: Anita Grossberg & Team of Corcoran
**As always with these New & Notables, I will NEVER accompany you to these listings or represent you to bid on any of these properties. Please contact the exclusive broker if you are interested in viewing or bidding on any of the listings noted above.
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Comments (2)
You have no idea how badly this credit crunch will affect everything. It does not matter how many apartments are for sale or rent right now, when it hits there will be plenty of both. When the consumer can not borrow they can not spend thus beginning a vicious cycle that will end badly.
Advising people to llok at the current finance is silly because tomorrow they could be unemployed. Leveraging right now to buy a place is absolutely dangerous.
Posted by Gail | August 9, 2007 1:44 PM
Gail - is that a statement out loud or to me? Obviously credit is a concern or I wouldnt have been talking about it for over a year now. No one 6 months ago predicted this and to say you did, is biased by hindsight. Its amazing what some people think and how that affects their judgment. Thats why everyone says, "Oh, I knew I should have bought that stock 20 points ago"...funny how we forget the calls that didnt come true (hello Jim Cramer).
fact is, the uncertainty is a problem and we need to know how bad things are. Like you said. Even if manhattan inventory reverses, and it plays out like you say, trust me:
THERE ARE ALOT OF BUYERS NOT LINKED TO WALL STREET WITH GOOD INCOMES THAT HAVE BEEN WAITING FOR YEARS FOR A MANHATTAN CORRECTION.
If we do correct, buyers will jump in to take advantage supporting our market. I dont see manhattan real estate turning into a Miami story.
Question is, how deep will credit crunch go and will good credit buyers, who have all docs, and solid jobs, and solid earnings, be affected! Right now, they CAN STILL GET LOANS!
if anything, our market is where the flight to quality is going on in the lending world. The depth of lenders still willing to lend in Miami or Naples FL, on the other hand, is in question.
Posted by Noah | August 9, 2007 2:07 PM