Unless you can pay in all cash, above the asking price, buying a home in New York City is becoming a frenzied, nerve-racking shitshow because a serious lack of housing stock is making competition for available homes fierce, thus pushing prices higher. In Q2 of 2013, 36 percent of Manhattan homes closed at or above the asking price. The all-American dream of home ownership is even becoming impossible in gentrifying neighborhoods like Bed-Stuy. One couple wanted to spend less than $475,000, but gave up after nine months and just decided to rent. Developers are building more units, but in Manhattan, most of these places are like One57, "very high-end" because "it's the only way developers can finance these projects." Oy vey. [NYT; market report coverage]
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