The Big Apple: Years of inventory? Much more!

Eight to 17 years is an S&P projection for clearing shadow inventory in the five boroughs

It will take more than a decade to clear up all the shadow inventory in the residential real estate market in New York state, according to new report released by Standard & Poor’s Ratings Services.

That is more than three times longer than it will take the rest of the nation, a difference that the report largely attributes to the greater time it takes to foreclose on a property in New York.

According to the report, shadow inventory in Brooklyn will take the longest to unwind at more than 17 years. Bronx was close behind at 16.5 years, and Staten Island recorded 12 years. Manhattan fared the best, coming in at a little more than eight years.

Unlisted Upper East Side home finds buyer for. . . $47 million

A grand East Side townhouse that has been quietly shopped by its owners for three years is under contract for more than $47 million, further evidence that the top-end of the Manhattan market is soaring.

The 33-foot-wide townhouse on East 69th Street once belonged to Continue reading

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Weekly Roundup: Not 1 word about that wedding

Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out the other of today’s posts and look for Out and About early next week.

Actress joins others in firing bullets into landlord’s market-value rents

Her purchase in Greenwich Village proves that it pays to have friends

Fated forever to be “daughter of,” a lesser light sells her apartment for a pretty penny

Big Apple deserter and football Hall of Famer puts Dakota co-op on the market

Jeans heirs seek to sell $60 million summer place, and loud mouth takes a loss in Connecticut

Builders see little relief from sluggish market

No wonder: March sales Continue reading