NYC Real Estate Bubble Bursts As Apartment Sales Crash 20%
by Tyler Durden
ZeroHedge.com
Oct 4, 2016
New York City apartment owners should take note of the latest 3Q16 “Elliman Report” on Manhattan real estate sales because the market looks to be in free fall. In fact, the number of apartment closings plunged 18.6% YoY while apartments sat on the market an average of 8.2% longer. Inventory also spiked with re-sale inventory up 8.2% YoY and new development inventory up a massive 27.2%.
“The number of re-sales has fallen year over year in each of the last four quarters at an increasing rate. Listing inventory reflected significant differences in the rate of growth between re-sale and new development. Re-sale inventory expanded 8.2% to 5,290 while new development inventory surged 27.2% to 973 respectively from the same period a year ago.”
The Rest…HERE