Tuesday, October 2, 2012

NY Inventory continues to dwindle sparking bidding wars

The number of apartments listed for sale in Manhattan shrunk to the lowest level in seven years, creating yet another challenge for would-be buyers, market reports say.

Brokers said the new supply hurdle for buyers could lead to higher sale prices in the months ahead and has already triggered a frenzy of bidding wars in the past few months, as sales surged and few new apartments came on the market.

Bloomberg News
Residential buildings on the Upper East Side.

When Amanda Sawyer, a Corcoran Group broker, put a two-bedroom apartment on the market in Greenwich Village in June for $1.495 million, she said eight would-be buyers submitted written offers within a week.
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