Carmiel, O. (2013). Manhattan new condos raise prices monthly as demand soars. Bloomberg. Retrieved October 29, 2013, from http://www.bloomberg.com/news/2013-02-12/manhattan-new-condos-raise-prices-monthly-as-demand-soars.html ARTICLE SUMMARY The developers of the Manhattan are lifting up the prices on their under construction units as the glimpse of credit crunch is revival has started to take place…
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According to Miller, the higher pricing trend is fairly pinpointing the lack of competition in the market. The limited supply from few and rising demand from many locals and international investors is creating lack of competition here. Some suppliers are enjoying the high profits by selling the condominiums in high prices and are intended to cover losses made due to the recession. This concept is derived form the theory of demand-pull price hike. Since the market was showing intensified demand for the condos, the towers also being transformed into condos. It is also creating hype among the potential buyers as constantly rising prices are creating urgency to conduct a deal. This strategy resulted in sales increase according to the letter to attorney journal from the condos developer on Oct. 24, 2012. The market concept tells that less supply and more demand increases the prices in the market and so alike pre-crises market the sellers charging premium prices from customers. Throughout the articles it is reflected that every real state seller especially in the condos is charging high prices taking advantage of the lack of competition in the market. The scarcity of supply shaped some sort of oligopolistic competition in the Manhattan market. ...
The shortage of supply in the market is resulted due to recession because of which the construction was brought at halt.. The recession in the US economy affected all the business sectors throughout the country. Every state of US faced a recession’s impact. The system’s problem originated when the lending capacity of banks became weaker because of the bankruptcies of huge multinationals and more specifically banks. The bankruptcy of huge firms and investment house Lehman Brothers played the role of nail in the coffin and was the actual reason for bringing the recession in the US economy.. The mortgage lenders analyzed the situation and stopped making more investments on real state industry. Also, the investors of real state industry delayed their plans of investment because of the decreasing demand. The real state investors in Manhattan moved with trend and decreased their investments in the real sate sector of the state. Those projects that were under construction at the time of recession were the only supply for near future. Also, real real-estate constructors bought the drowning investors’ unit at bucks in recession. Hence, when the economy started getting recover after the phase of recession there were only few suppliers of newly constructed condominiums were competing in the market. Also, for the period of next two years they were the only suppliers in the market. The recovery led the people of Manhattan to bring back their investments in purchasing condominiums which increased demand. Real estate companies increased prices because of lack of competition or the unavailability of demanded supply. The prices were charged higher with a margin of good percentage and due
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(News Article Analysis Essay Example | Topics and Well Written Essays - 750 Words - 1)
“News Article Analysis Essay Example | Topics and Well Written Essays - 750 Words - 1”, n.d. https://studentshare.org/macro-microeconomics/1488856-news-article-analysis.
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