WSJ and NYTs report slow home sales in NYC- NOT if you look at the facts and numbers
Drilling down, Jonthan Miller, appraisal expert in NYC concludes the market is essentially stable. 2010 saw the market driven up and down by federal tax credits, Wall Street compensation was up 5% last year and inventory is still tight in 2011 making the market move quickly for good quaility well priced product. Coops made a big surge in the first quarter, which generally sell for less than similar condos, which made up a larger share of the market last quarter, that switch essentially drove down “the prices” not a fall the market overall, but a CHANGE in the type of inventory selling. My personal experince has been similar selling two well priced, but not under market coops on Upper West Side coops, both had accepted offers inside of 2 weeks, with mulitple offers. It speaks to the low inventory of quaility pre war one bedrooms and proper pricing by getting granular on comps and making sure the buyers understood market conditions- That was key in the these two brisk sales.
Tags: selling New York