Bottom line, the market for both condos and co-ops priced under
$3,000,000 still belongs to the seller. Although inventory is beginning
to ease upward, there is still a real dearth
of property in this category.
For those priced from $3,000,000 to $5,000,000, the market is
balanced. (This is good for everybody. Sellers get a fair price, and buyers
don’t get discouraged and drop out of the market.)
I’ve been saying it for more than a year, and it’s still true: now
is a great time to sell a mid-range co-op.
Above $5,000,000, the market overwhelmingly favors the buyer. In fact, it’s interesting
to speculate on what will happen to the 34 months of condo inventory priced
above $10,000,000. Will the prices come down? Will the condos turn
into rentals? Will they just sit there, gathering dust and waiting for buyers?
The scary thing is, there are more and more of these super-high ticket properties coming on
the market.
But (whew!) that’s not our problem.
Another interesting thing is that, at every level, there are
more condos available than co-ops. This, despite the fact that at least
two thirds of the ownable housing stock in New York is co-ops.
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| Prepared by Miller Samuel Real Estate Appraisers and Consultants |
The chart above, prepared by Miller Samuel Real Estate Appraisers
and Consultants, measures absorption rates, that is, how long it will take to
sell the co-ops and condos currently on the market.
The columns represent the different price ranges. The
numbers at the top are the estimated number of months it will take to sell the
properties currently available in that range. Less than six months means
a sellers’ market. Six to nine months is a balanced market; more than nine
months is a buyers’ market. Blue columns are condos, green columns are
co-ops.
For more information, including information about absorption in
your specific part of town, here’s the link to the Miller Samuel website:
Miller
Samuel Absorption Report.
For specific information about the market for your property and a
detailed broker’s opinion of its value, with comparable sales and other
information, e-mail me at cstimpson@stribling.com, or call me at
917-991-9549.
I’m happy to do this free of charge or obligation. And
even if you never, ever, ever plan to sell your property, it’s always nice to
know what it’s worth.
