New Build Inventory Down 98 Percent

There are hardly any new homes available for sale in Brooklyn, and that is pushing prices sky high, reported several outlets, based on a report from real-estate firm MNS. Lenders have been reluctant to lend for condo buildings, so most of the new builds coming on the market now are rentals, even if they were originally slated to be condos. Four years ago, some new condos sold at “fire sale prices” of 20 percent off or more, and now those same units are selling for nearly twice the price, said The New York Post. New development sales inventory in Brooklyn in the first quarter “was down a whopping 98 percent from the fourth quarter of 2012, according to the latest reports from brokerage MNS,” said Curbed, because “there just aren’t a lot of new apartments coming to market.” The lack of supply of new builds pushed prices per square foot up 8 percent, according to Curbed. Incredibly, over in Clinton Hill, the average sales price for new condos jumped from $505,000 to $745,000 in three months, according to DNAinfo, based on the MNS report. Do you think there will be any relief soon?
Brooklyn Bump [NY Post]
Brooklyn New Development Sales Plunge by a Ton [Curbed]
Clinton Hill Gets Fancy and Sees Major Jump in Real Estate Prices [DNAinfo]