The old motto in real estate is "location, location, location." But in New York City's current market, it seems like buyers might be saying "more, more, more."
Million Dollar Listing New York broker Ryan Serhant recently stopped by Bloomberg News to talk about the 2015 home market and what's on the rise as the year progresses in and around Manhattan. The biggest news? More condos.
So is it good or bad that more of these properties will be popping up? "It depends on who you're asking," he says. "I think if you're asking buyers, no. Because the more inventory there is, the more supply there is, the more negotiating power they're going to have. Because instead of looking at one new development, they can look at 15."
Ryan notes that hasn't affected prices—yet. "People are talking about that," he said. "People are thinking about that. We see a lot of people taking their time but so far we're holding steady."
As a result, buyers are looking in neighborhoods—including the “far East Village”—"where typically you wouldn't see that much activity," Ryan adds.
Even if another bubble should burst, Ryan said there's really no place like NYC—and the market will bare that out. "But there's always something going on in the world," he noted. "There's a lot coming, but there's always buyers looking for New York City."
Speaking of NYC real estate, Ryan just bought a home in Soho. "I have a fianceé that has very expensive taste," he joked.
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