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N.Y.: Brokers Try to Keep Up Supply of Condos

The inventory of condominiums and co-ops in Manhattan plunged 29 percent during the year-over-year period ended in January as buyers continued to take advantage of low interest rates.

In order to keep up with demand, many real estate brokers are using aggressive mailings to lure owners who may not have thought about selling, promising them significant profits. Some brokers are hoping to secure listings by urging owners to sell before interest rates jump in the near future, while others are targeting buildings that are of interest to their clients or looking for owners on the brink of divorce or financial crisis.

Few owners are taking advantage of the offers, however, mainly because they just purchased or remodeled their homes or are concerned about finding a new place to live if they do sell.Moreover, many of those who agreed to sell based on a broker's mailing did not fetch top dollar as promised.

Douglas Elliman broker Jacky Teplitzky notes that New York City homeowners typically stay put for five to seven years, which means brokers need to wait for the next selling cycle.



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