New Year/Inventory

2013 could be a year of additional movement for our real estate market. At this time, judging from research – it appears that inventory is somewhat low and prices have started to see some increases. While there are new listings; both cooperatives and condominiums,  the selection is still somewhat controlled. Since the  (2008 +)  economic decline, affecting new constructions and loans there was a decline in new construction, something that is also changing as of  2012, and into 2013. There are some new notable luxury condominiums splashing the midtown landscape. Additionally, the Hudson Yards appears to have approval for a 90 plus year lease deal to be able to develop residential and commercial properties, which will continue to add to the on-going revitalization of Manhattan’s undeveloped areas.

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