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Home Shortage Creates Fierce Competition

After several years of an oversupply of homes on the market and an undersupply of qualified buyers, the tables have turned for many housing markets, including the Bay Area and Los Angeles area. Would-be buyers are now scrambling to bid on homes before they’re even listed!

According to the National Association of Realtors, the number of homes with a “for sale” sign hit 2.5 million April, the lowest number for an April since 2006. These inventory levels are causing fierce competition among buyers and investors. Multiple offers are no longer the exception, but the norm.

Midtown Penthouse At Over $90 Million

The $90,000,000 barrier has been broken in New York! How many zeros is that?

According to Gary Barnett, the buyer bought the 10,923 square feet penthouse on the 89th and 90th floors of One57 for more than $90 million. While this price does not crack the $100 million barrier, it does set a new record by topping the $88 million that the daughter of Dmitry Rybolovlev, a Russian billionaire, paid this year for a penthouse at 15 Central Park West.

Wow. Things sure are heating up in New York!

Credits To: The New York Times

This Month In Real Estate (February 2012)

According to a recent KW research study, the top Eco-friendly features that buyers are looking for in a home include: double-paned windows, energy-efficient appliances, upgrade insulation, efficient heating and cooling systems, and solar power. Do you find yourself looking for these exact features also?