NYC Real Estate May 2015: Prices continue to rise in a low inventory market.

New York City.

NYC real estate continues to be very hot. One article/ investor claimed NYC real estate is a better investment than gold. Record setting high priced luxury condos continue to be sold. More people than ever-wealthy families, investors and folks from around the globe want to live and/or invest in NYC real estate. How long will this continue?

Popular neighborhoods old and new continue to rise and grow. Chelsea & Hudson Yards, all along the High Line have created many new distinct, stylish high rises with penthouses selling up to $12.5 million or more. The West Side below Hudson Yards all the way to SoHo, Tribeca and even FiDi are seeing new developments, high-end condos rising into the air. The NY Post covered the rise of micro-hoods:

Real estate industry leaders question how high can prices go up and how much can buyers be willing to pay as inventory is all time low in Manhattan. More here:

One broker said he was having a difficult time finding a 2 bedroom, 2 bathroom apartment below 34 Street for under $2 million for his buyer client.

The other quandary for sellers: where do they buy and live if they sell their expensive apartment in Chelsea or in another hot neighborhood? And will their profit allow them to purchase in an area they want to live? Brooklyn, including the neighborhoods of Brooklyn Heights, Cobble Hill, Boreum Hill and DUMBO, also continue to be a “must buy” and live destination, with their prices reaching Manhattan prices.

The NYT Real estate section this past weekend covered Brooklyn sellers, buying and retuning to more affordable parts of Manhattan, including Washington Heights, Murray Hill and the Lower East Side.
More here:

Seller’s Market
With lack of inventory and new developments not keeping up, seller’s are definitely in the driver’s seat up to a point. It has not been unheard of that open houses of well priced 1 and 2 bedrooms condos and coops in the West Village, Tribeca and other very popular areas having had over 100 visitors at one time. These properties have seen multiple bids within days.

Elizabeth Ann Stribling-Kivlan, president of Stribling, in the Real Deal says, “In the current market, buyers, even those engaged in bidding wars, are value oriented, in contrast to last year’s frenzied buying. People want what they want, but they don’t want to overpay. Not long ago, buyers would “pay anything for anything”. Now, it still needs to be well priced.” More here:
(Full disclosure: I work as a real estate agent for Stribling).

The vital need for affordable housing
With the market driving up prices and the majority of New Yorkers being renters, there is an essential need for more housing for all New Yorkers. Mayor de Blasio recently called for reforms to the 421A tax abatement program and a call for development of housing for the middle and working class. Here are some details:

New York City should be a city for all to live.

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