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EScroogeJr (< 20)

What moron said that housing inventory is at a maximum?

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May 23, 2008 – Comments (1)

I am still following NY price trends. So about 3 weeks ago I signed up to receive free email alerts from The New YorkTimes real estate section each time a new property appears on the market. (For those of you who don't live here, The New York Times is the most comprehensive online source of data; if an ad appears in some other newspaper, on an agency web site, on Craigslist, Yahoo, you name it, and if the seller is serious and the ad is not a fraud, it will be in NY Times). So I signed up to receive alerts for any new 2-bedroom coop or condo for sale in my neighborhood (it's mostly apartment buildings out there, so apartments are the prevalent type of property on the local market), in the realistic price range (cutting off the two tails of the bell-shaped curve to weed out properties priced uncharacteristically high or low).  Well, how many new properties do you think hit the market in 3 weeks? Well, the answer is  one. That's right, exactly 1 new property in 3 weeks. It was a condo priced under half a million becuase it was built in a slum. And now the icing on the cake: it was a "new" property in the sense that the broker put a new ad for that condo (no price change, just a new date under the text of the ad); the condo itself had been on the market for a couple of months. Talk of overbuilding and a glut of new inventory.

1 Comments – Post Your Own

#1) On May 23, 2008 at 2:04 PM, MakeItSeven (31.73) wrote:

Maybe you will have to wait a few more months for the multi-million dollar 2-BR condos to move down to your price range.

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