Inventory is Low…This is What I Need…Are You Listening Sellers?

Instead of the loosening of inventory that I had so hoped for this busy winter season, a further contraction seems to be a harsh reality.  So in the sincere hope of procuring some very special properties to bring to market, here’s a quick list of what some of my buyers are hoping to find (please be mindful that we have seen EVERYTHING currently on the market so if it appears on the following wish list, it isn’t on the market…yet!):

  • Classic 6 with light and views on the Upper West Side (high 60’s to 90th Street) for $2.4M or less.
  • Large 2BR/2BTH (1400sf or larger) with stunning views and doorman for $2.5M or less.
  • 2000sf or larger 3/4BR on Upper West Side on high floor with stunning views and doorman for $4M or less.
  • Single or Multi family townhouse from 67th  to 75th Street, between CPW and Columbus for $12M or less. Willing to do work.
  • Large 2BR/2BTH (1200sf or larger) below 14th Street (Lower 5th Ave…Gold Coast) for $1.4M or less.
  • Large Prewar 1BR/1BTH on Upper West Side with doorman, light and views for under $850K and reasonable maintenance (not $2 per sf).
  • Upper West Side 2BR/2BTH (1000sf or larger) with light for $1M or less.  Seeking best "value."

There’s more, but that’s a start. 

Sellers…PAY ATTENTION:  If you’re considering selling in the coming months, there may be an opportunity right now for you to capitalize on the incredibly low inventory in the Manhattan real estate market.  That said, if you have a plain cookie cutter type apartment and you’re hoping to score big, you may want to just stay put.

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8 Responses to Inventory is Low…This is What I Need…Are You Listening Sellers?

  1. avatar Noah says:

    service. thats what it is all about. Where could you find this type of sell side front line advice 2 years ago?

  2. avatar anon says:

    Is there that much of a premium for single-family park block UWS brownstones? In that case, I could easily beg, borrow steal 6.5m to buy a run-down brownstone, pay to relocate the one or two RC tenants and flip to your buyers?

  3. Thanks anon, but we’ve got that covered. Not looking to overpay for something as my clients would happily pay 6 or 7M and do work as well. It just has to be park block from 67-75th.

  4. avatar anonymous says:

    Perhaps I’m misinformed (or semi-informed — I’m actually fairly well-informed, as a recent buyer), but these numbers seem low to me for what your clients want. *Everyone* wants terrific views, high floors, great locations, etc. You could say that market inventory is low, but I would simply say that demand for these types of properties is very high (let’s say: “universal”), thus making inventory seem low. Add some $$$ to each of those categories and I wonder whether they’d find what they’re looking for…my impression is that your clients are caught up in wishful (unrealistic) thinking. I’m happy to be corrected, but the facts seem to speak for themselves: at the price points they’re talking about, it doesn’t exist! There’s something a little quaint about the image of earnest buyers wringing their hands because they can’t find what they want at the price they think they should have to pay. If I were a seller with one of these properties, I’d say: over here, but it’s going to cost you!

  5. You’re at least correct in stating “it doesn’t exist.” At least not today. It has existed in the recent past. Several of these buyers lost out on spaces recently when they weren’t prepared to bid what the market would bear. Now with an education under their belt, they are more “ready, willing and able” to do what it takes to get what they want. Of course some are more passive than others and they won’t likely make a move until it’s absolutely forced.

  6. avatar anon says:

    I agree with anon. I’d also like a 2br/2ba on the UWS for under $1mm with good light but it doesn’t exist.

  7. avatar Susan says:

    I just bought what I consider a large 1BR/1BA condo (750 to 800 sq ft depending on who you believe) on West 93rd. There is a sister building at 134 West 93rd that is just converting. It’s a large bedroom and a very gracious beamed ceiling living room – for under 800K. I’m on the 4th floor, and I like my light (mostly eastern exposure – 3 sides)- not sure what the sister building has. Looked here yet?

  8. 2BR/2BTH’s on UWS with light (no views) do indeed exist as my buyers are “circling” a few of them.
    Susan,
    Thanks for the head’s up. Aware of that conversion and not for her.

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