Tight Inventory and More Buyers Lead to Multiple Bids Downtown

Tight Inventory and More Buyers Lead to Multiple Bids Downtown 380 West 12th St, Apt 4D - West Village, New York

The Manhattan Real Estate Market has tightened in the last months and even more for Downtown Condos and Downtown Co-ops. Accurately priced properties are receiving multiple bids again. Open Houses are getting crowded again. My new Loft listing at 380 West 12th St – Apt 4D, had over 45 people visit the first open house, Sunday March 13th. Contract volume is up, new inventory is down.

In January, a Penthouse Loft in Tribeca (approx. 1,900 SqFt + a terrace) was listed for $2.9 Million for two weeks but did not sell. Last week the sellers put it back the market for $2.6 Million. The open house was mobbed, multiple bids were received and the seller accepted an offer in two days. A recent article in The Real Deal highlighted the inventory shortage in Tribeca, and it stretches to properties priced into the $6 Million range.   More New Yorkers are choosing to stay in the city and raise their children here, which is putting upward pressure on 3 and 4 Bedrooms downtown. My personal opinion is that the Tribeca housing market may also be benefiting by Goldman Sach’s move to Battery Park City last year, pushing up demand for properties within walking distance to the office.

The demand for two bedrooms coops and condos Downtown priced between $1,100,000 and $1,600,000 has also increased dramatically since January in part because there are few New Developments to add to supply.   A 2 Bedroom post-war Co-op I listed at 14 Horatio St in the West Village went to contract in January after several months on the market. Further west on Jane Street a 2 Bedroom West Village Loft listed the 1st week of January ($1.35 Million range) was snapped up in a multiple bid within days.

If you are venturing out to buy for the first time in 2011 understanding this shift in the market is going to be key to your success. While it can be frustrating, getting clear on your needs and adjusting your Negotiating Strategy and understanding how to WIN a Multiple Bid, is critical to obtain an accepted offer and a contract.

For buyers who have been looking since 2010, it’s also key to understand the market has shifted in a positive direction for sellers the first two months of this year. My feeling is that if this continues sellers will become less receptive to contingencies again, and will look for the highest price with the fewest risks to them.

Contact me  if you’d like further advice on buying. – Tony Sargent

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