From the Upper East Side to East New York, would-be homebuyers are facing a massive inventory crunch this spring. Add to that rapidly rising prices in Manhattan and Brooklyn, limited new development geared to the luxury market, and underwater homes hampering many locals’ ability to sell, and it all equals a tough market for many New Yorkers.
“Supply is not adequate to demand,” said real estate appraiser Jonathan Miller of Miller Samuel.
Wall Streeters fresh from their highest level of bonuses since the financial crisis can pony up for swanky amenities like private heated swimming pools. Such extras have pushed first-quarter average prices per square foot for Manhattan apartments to a 25-year record high, and new development prices to a record $1,834, according to the Elliman Report. Brooklyn’s average sales price rose 7.3 percent, to $681,182, with new development prices up 3.5 percent, to $732 per square foot.