Posted by Leonard Steinberg on July 2nd, 2013

Last month in LUXURYLETTER we posted a note about how inventory levels have dropped to their lowest in almost a decade. This week, the market reports reported the same story……inventory levels are indeed very low right now. What these reports do not indicate is all the inventory in new buildings that has not been listed, but that is being actively sold right now. Its not that much volume-wise, but it does add up, and its not registering. The next story (to be written in many months time) will be how when all these apartments in new buildings close at much higher than average pricing in 6 – 30 months, the entire market will be affected and the average price for an apartment in Manhattan will jump. So if you think its expensive now, brace yourself…..