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 ...
“even units less than $1 million...”
Good God. We used to think $1 million was a frickin’ pile of money. Lord save us.
Another thing: your house (or car, or anything else) is only worth what someone will pay for it. If they won’t pay what you think it’s worth, it ain’t worth that much.
“One was up for $28million and said the price had been reduced.”
So why didnt you grab it? ;-)
Same goes for your stocks and mutual funds.
Even rats abandon a sinking ship.
Its ironic how <$1 million homes are the cut-off "low end" of the market.
NY perhaps will be "cheap" when those places are $250K. Its a long way down from a bubble.
“NYC home inventory is piling up “Even the cheapest homes are waiting for buyers”
Eat them.
“I now live in the Chicagoland area,”
What did you do to be punished?
Bet you DiBlasio will order empty homes be occupied by the homeless. And I’m not joking about that.
Don’t want to upset you or anything but the two are related, huge inventory in NY, scarcity in Raleigh and Wake County. They’re there (cue spooky music, lol).
Even ChiComs don’t want to buy there.
“Just be glad you don’t have Arizona’s problem:”
Which is being next door to California.
“Even ChiComs don’t want to buy there.”
NYC is already communised.
They all want to move out west.
“Liberals ruin everything the touch. Hopefully it’s the smart Conservatives that are moving out of New York City, but I suspect it’s the cheap liberals who don’t was to pay their full share... “
Once they’ve spent everone else’s money then they move on to the next victims in NC, FL, TX etc.
Soon the Muslim hordes will be able to move there on refugee assistance. Won’t New Year’s Eve be fun then?
“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.”
Can’t wait until it’s a landfill...for New Jersey.
This means the market has changed and the new market price is lower.
It’s not rocket science.
That’s ‘cause Yankee tax refugees like me left their quaint New England home towns to escape the occupying forces of the left.
Trouble is - too many others that came down here want to bring all that crap along with them. Here in Fuquay - we’re quickly becoming the next Holly Springs.
Fuquay-Varina went from sort of goofy farm town to actually sort of cool in the space of about ten years, a decade ago. Rapidly becoming just another burb now, though.
Only a small percentage of the population of any large city can pay $1 million for a place.
Maybe in New York City, a few thousand doctors, roughly as many executives, half as many lawyers...
And many already own a place.
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