The much-discussed Manhattan apartment inventory drought which led to vicious bidding battles may be on its way to being resolved, DNAinfo reported.
An increasing number of property owners have decided to capitalize on the market’s prices and have begun listing their homes, brokers told DNAinfo.”I think we’re going to see about a 10 to 20 percent influx [in apartments on the market],” said Douglas Elliman’s Brian Meier. “It will help buyers a little bit and calm down the bidding wars.”
Though new residential projects are few and far between, the increase in listings has started to impact the price of apartments on the market.
“In the beginning of April there were more things on the market, and when we showed interest it didn’t feel like there were 20 more offers behind us,” Rutenberg Realty’s Dovanna Pagowski, whose client made the only offer on an Upper West Side co-op, told DNAinfo.
That’s quite a dramatic change from earlier this year, when The Real Deal reported that bidding wars had reached new levels of ferocity.
Condo values saw a 2.6 percent jump in April, with the Upper West Side enjoying a spike of 5.6 percent, according to StreetEasy data.
“If anyone needed proof that the market was back this would be it,” StreetEasy’s Sofia Song told DNAinfo. “If anything, this will give homeowners incentive to put their homes on the market and help with inventory.” [DNAinfo] – Hiten Samtani