NNN Lease Market News
Manhattan Luxury-Home Supply Dwindles
Jason Haber, who runs a New York real estate brokerage firm, is struggling to find apartments to show a client who’s in the market for a Manhattan home priced around $8 million. “That’s not something you would do if the market was flush with high-end inventory,” said Haber, co-founder and chief executive officer of Rubicon. “That’s a sign of the times. This is a ready, willing and able buyer and we can’t find the product for him.
There were 832 homes on the market with asking prices of at least $5 million last month, compared with 862 in October 2010, 917 in 2009 and 909 in 2008, StreetEasy data show. In October 2007, near the real estate market’s peak, there were 588 listings.
Prices haven’t returned to peak levels. The third-quarter median price in the top 10 percent of the market was $4.17 million, down 16 percent from the high of $4.99 million in the first three months of 2008, according to Miller.
http://www.bloomberg.com/news
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