The PDF version of the 4Q 2006 Manhattan Market Overview [Miller Samuel] that I write for Prudential Douglas Elliman [PDE] is available for download. I have been writing these market reports for them since 1994. I neglected to post this on Matrix sooner.
…Buyers begin to stir as sellers price prop-erties closer to market levels For the past year and a half, the Manhattan market had been characterized by a surplus of listing inventory, with a large portion of it comprised of overpriced resale properties. An abundance of new development inventory has been the focal point of the excess inventory problem. A rift between buyers and sellers emerged as buyers became more demanding about price discounts, resulting in a lower level of sales activity and expanded days on market. Many would-be purchasers moved into the rental market, not because they could not afford to purchase but because there was concern over the near term outlook of the real estate market. However, listing inventory stabilized in the third quarter and dropped sharply in the current quarter as the expiration of over priced resale listings overtook the rise in new development inventory. Record Wall Street bonuses have provided more disposable income and helped keep unemployment levels low. This has helped fuel demand for housing, the effect compounded by four consecutive years of gains because bonus recipients may or may not purchase in the same year their bonus was awarded. Election changes in the federal government last November, more realistic pricing by sellers, a drop in inventory levels as overpriced listings expired, low local unemployment, solid fiscal condition of city government, weakening US dollar, stabilizing mortgage rates and lack of a price correction in six quarters in the post housing boom era have all helped influence buyers to reconsider their position and begin to enter the purchase market again…..
Download report: 4Q 2006 Manhattan Market Overview [pdf]
Tags: Wall Street Bonus