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 ...
When Donald Trump was a real-estate developer in New York City, New York City was booming.
After Donald Trump moved to Washington,D.C. and became President, the whole country has been booming.
No wonder so many New Yorkers have been Walking Away to the greener pastures all over the country that Trump’s presidency has been creating.
Arizona is getting Californicated.
Oregon and Washington have already succumb.
Good, it’ll bring prices down. Home prices are too high all over the country.
Arizona is getting Californicated.
Oregon and Washington have already succumb.
Fuquay-Varina and Holly Springs, NC..housing prices are going up in those burbs too.
In Cary, the highest priced suburb, the prices are already way up there.....but houses are selling like hotcakes.
Who woulda thought? I grew up in Raleigh and these now flourishing suburbs were little more than small crossroads.
Same here in California.
Have a couple friends in RE.
They are taking multiple offers on their deals.
Seattle homes are still climbing in price.
I guess in reality they’ve had AZ a long time - McCain and Flake!
Try selling a home in Upstate NY - people I work with count on at least a year + to sell their homes before they retire. Just had a co-worker put his home up with an estimated 2 years before he thought it would sell. He was lucky, an NY State Trooper bought the home. Everyone who can, is moving out of NY.
WESTERN Oregon and WESTERN Washington have already succumbed.
They mostly ignore the eastern sides, fortunately; too much like flyover country.
NAH!!
Most all the NYers who would miss Rudy have already left.
sorry, but “units under $1,000,000” are NOT accessible to MOST working Americans.
units under maybe $300,000 or so, depending on a lot of factors...yes
the author needs to get out of Manhattan and back into the real world....to understand how funny this article sounds
Good point!
Sorry, but a 1 Mil property in NYC is not all that pricey.
You cannot use price metrics from other areas.
Good or bad, NYC just like San Fran and Pali Alto and other similar high-powered places are in demand from buyers world-wide.
The immediate burbs are also priced through the roof compared to other US areas.
Just because you don’t want to live there doesn’t mean millions of others also don’t. Areas in Brooklyn that were once GHEEEETTOOOO are now full of young hipsters.
Remember, in real estate, location, location, location.
eh...cities are anachronisms. No need in the 21st century to concentrate capital or material anywhere.
The only things concentrated in a big city today are democrat low info voters, the voter fraud that goes with them , and mafioso-level public service union corruption bankrupting
the whole shebang
Very possibly the clearest thought-out response I have ever read on FR.
Extra Nutraloaf for you!
They can’t seem to figure out that liberal policies cause these problems.
Yeah. But we are ruled by the massive blue hives. Washington has some truly horrible gun laws being voted on now, and they do it all with citizen initiative, because the Hives Rule.
I'm in favor of rural counties now passing "gun owner sanctuary county" laws, not sure if that will catch on or not. Hell, the Hives defacto legalized weed long before the state did - so why can't red counties keep the 2nd Amendment.
Like me, they decided to emigrate to America.
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