Late last week, I logged onto the MLS and received quite a surprise. No less than 10 new listings at Trump Tower and an additional 3 new listings at the Ritz Carlton. Some were at very competitive prices.
So what gives?
Did 10 families living at Trump suddenly say “I’m outta here?” No. All save one of these listings trace back to Mr. Cappelli’s headquarters in Valhalla. The last units that have not been sold are on the market now. Most of these units were on the market at various times over the past four years. This time, the asking price has been reduced significantly. They range from $565k – $1.449 million.
Added to the 10 listings already on the market at Trump (most of them resales) this doubles the number of listings currently on the market. Since only five units have sold so far this year – with two currently under contract, these new listings create an inventory overhang of about 26 months at Trump. Taking the downtown collectively, including Trump Tower the Lofts and the listings at the Ritz Carlton – the high end downtown condo market in general has about 19 months of inventory overhang.
People trying to sell to sell their units in the resale market have a tough road ahead. This amount of inventory can definitely be an issue because buyers will have plenty to pick from and can afford to be choosy. If you are selling under these conditions you need to price your unit realistically. For buyers, this is an opportunity. The prices have been trending downward. With this inventory on the market, and prices lowered -the entry point at Trump has never looked better.
Selling Your Condo or Coop
© 2010 Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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