Condominium construction increases in Manhattan

Manhattan condominium levels may rise in the coming months.

The level of multifamily property development in Manhattan has jumped significantly, which may signal more properties may be available for property management companies in the coming months.

A continued level of home sales and low inventory may swing more consumers to renting properties, and the condominium market may be the focal point. Citing Miller Samuel, Bloomberg noted that the Manhattan housing market has its lowest inventory level in 12 years.

However, more than 20 condominiums with nearly 1,200 units already increased price levels in the past year, the news source explained, citing the New York State Attorney General. There were many developers that wanted to build condominiums in the borough in 2011. More than 2,200 condominiums were registered with the city as options to be built.

“Ultra-low inventory, international demand and rising domestic confidence has really pushed pricing,” Kelly Mack, president of Corcoran Sunshine Marketing Group, told the news source. “We’re seeing quick decision-making like we haven’t seen in years.”

Total apartment inventory remained low, as well. Citing Miller Samuel, the report added that total inventory fell by more than one-third in December 2012 from one year earlier.

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