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a shortage of inventory

WHAT'S AHEAD FOR MANHATTAN REAL ESTATE?

WHAT'S AHEAD FOR MANHATTAN REAL ESTATE?

What’s ahead for Manhattan real estate?  To answer, a review of the year to date will help.  The cold wait-and-see mindset that pervaded January and February was replaced in March and April with a cautious optimism; though spring was late, war seemed to have ended quickly, and the economy seemed to be recovering; buyer confidence had returned, and a good deal of pent up buying energy was released.  Then in May and June, the market really swelled as enthusiastic buyers snapped up most of the apartments that had been lingering on the market.  While some listings were getting ready to celebrate their one-year anniversaries, there were no distress sales, and, in fact, prices remained high.  A mostly rainy summer was characterized by a shortage of inventory.  All the while, from spring through summer, the power of mint held, as contracts for properties in move-in condition were getting signed within weeks, some in multiple bid situations.