According to The New York Times, the number of Manhattan apartments for sale dropped 34.4 percent in the first three months of 2013. Simultaneously, the number of sales increased by 6.3 percent. For those looking to buy, this may bring trouble. The supply is simply not matching the demand. Many new luxury developments in the city are also selling inventory before the buildings are even completed.
Sellers may have the upper hand, but chief executive at Douglas Elliman warns NYT readers against increasing prices: “You want them to rise in a smart way and not just based on a shortage of inventory. You want them to rise in a fashion that doesn’t create a bubble.”
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