Posted on 07/21/2018 11:24:28 AM PDT by Beave Meister
It’s not just luxury-home listings that are piling up in New York City. Even units for less than $1 million — within reach of far more people than a Billionaires’ Row penthouse — are hurting for buyers.
In Manhattan, the inventory of sub-$1 million apartments surged 27 percent in June from a year earlier to 3,087, the most for the month since 2013, according to StreetEasy. Such listings jumped 17 percent to 2,738 in Brooklyn, and climbed 6 percent to 2,314 in Queens, a borough usually sought out for its relative affordability.
Buyers at all price points are taking their time to shop around for the best deal — if they make a purchase at all. When combined with listings over $1 million, Brooklyn and Queens both had the largest number of available homes for June since 2008, according to StreetEasy. Total inventory in Manhattan hasn’t been this high for month since 2011.
(Excerpt) Read more at crainsnewyork.com ...
....that they voted for.
Enormous new supply volumes
Why don’t those ‘progressives’ just buy up all the housing and put the homeless in them.
No sense being a sanctuary city if you don’t offer sanctuary to your Guests.
Guess DiB ain’t the flaming Socialist he is made out to be.
If Bernie can invite them to stay at one of his three mansions, why can’t the mayor top him?
After all, spending OPM is what they do best.
In so many locales, like here in the Raleigh, NC / Wake County Area = it’s just the opposite. Houses for sale are scarce and the prices are going through the roof. NYC is being destroyed by the DeBlasio forces. How they must miss Rudy!
Just be glad you don’t have Arizona’s problem:
“A luxury-home builder in Scottsdale says Californians who were considering moving to Arizona, are now actually buying. It doesn’t hurt that Scottsdale’s luxury homes are a bargain compared to the Bay Area’s pricey housing market.”
Just for a laugh, I went to Realtor.com to look at some prices. I brought up 5 ‘apartments’ that ranged from $48million, all the way down to $19million. One was up for $28million and said the price had been reduced. Real Estate is so volatile! (I will say the most expensive ‘apartment’ did have around 10,000sqft and 7bed, 7bath.......pretty big for an ‘apartment’.
I believe a lot of the New Yawkers are fleeing at a record pace is because the wealthy in NYC no longer are getting to deduct all of their State and Local Taxes (SALT) which are outrageous to begin with for a state that has more reasonable taxes...
Great idea...
Who wants to live in a shithole?
The house i grew up in was 100 g in the 70s
Now they want 1.8 mil. With taxes at about 40 g a year even if the buyer can pay cash which he will
But its been empty for a year along with many like it in the ghost neighborhood. Inflation adjusted, those houses are not owned by family men- executives with college educated stay at home wives raising kids contributing to the community, the town.
We boomer kids ruled the place, the state, with families averaging seven or so kids
Now, the rich are getting richer and...
But the 40 g per year goes to state dem voting slaves
The middle class is fleeing Theyre going to be gone. Who’s going to pay then?
Liberalism == cancer.
You’re both right.
I now live in the Chicagoland area, I act, but still have my California Real Estate license and still have a few clients in California (who don’t even know I moved to Chicago) so I know what the real estate prices are out there. Insane and getting worse. The rental market prices are as bad as I’ve ever seen it...if you’re a renter. Landlords are eating this market up.
If you are a liberal progressive fleeing what you have wrought, don’t come to FL. Stay there and eat your peas.
5.56mm
Markets go up and down...You have to look at more than numbers...
Prices went nuts and people resonated by building, no?
Less people want to move into that cesspool. More people leaving that liberal-progressive haven of insanity.
It’s a $h!thole that’s why. Believe me. I grew up there (before it was one)
It looks like people are finally getting smart and leaving That Liberal Hell hole known as New York City.
Hopefully they don’t come to Connecticut because we have our own hell holes in certain places.
We don’t need any more liberal ideas and the parasites they bring.
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