Real estate agents in the U.S. are taking notice, with some saying the current climate is ripe for a home buy-to-let bubble to burst.
“It’s definitely a bit of a hot streak right now,” said Bob O’Brien, owner of the O’Briens in New York City.
“A lot of the top houses, it’s all being snapped up, the market is really good, and people are really excited to be able to buy a house.”
And it’s not just the top end of the market: The O’Brianns are a popular seller of condos in Manhattan, and even more popular sellers in other boroughs, including Brooklyn and Queens.
While the O’,s sales have been surging, many of their clients have found themselves priced out of the city altogether.
“People are getting tired of it,” O’Mara said.
“They’re just not going to move here any more.”
O’Donnells are seeing even more interest in condos as they try to match buyers’ enthusiasm for the new real estate market.
In the first half of 2018, the O’s saw an average of 15 sales per month, up from an average just three sales per year in the previous year.
That is an impressive improvement, O’Connor said, and shows that the market has been inching up.
But the real estate agent is just one part of the picture, as the demand for properties in the city’s priciest neighborhoods is also on the rise.
“You have a lot of developers moving into the area, and a lot more condo development in the past year, and you’re seeing condos going for a lot higher prices than they ever have before,” Ollie O’Malley, the co-founder of the real-estate firm Ollies O’Cannes in New Jersey, told Ars.
Ollieda said the problem is that the developers don’t want to build condos in places where demand is high. “
So you have a big housing supply issue for the city, and for developers and homeowners.”
Ollieda said the problem is that the developers don’t want to build condos in places where demand is high.
That could cause a supply shortage, which could hurt prices, as developers and investors are less likely to spend their money on new buildings when they see empty lots.
“We’re seeing lots of developers not wanting to build in areas where they’re being able to get condos,” Olly said.
The problem with the current market is that builders and buyers are competing with each other for limited supply.
“The developers are really trying to make money off the market,” Olina said.
For instance, Olly said developers are bidding on new properties in Brooklyn and New York, but are unwilling to pay as much for condos because of the scarcity of supply.
O’Reilly said that’s the nature of the current boom.
“In the past decade or so, real estate has gone through a renaissance,” he said.
But he believes that this boom is coming to a halt.
“I think this market is going to go the way of the Titanic,” he added.
“There are going to be a lot less homes to go around.”