Who is buying real estate New York City?

There seems to be a more and more inventory hitting the New York City real estate market. New York magazine has an article is this week's edition that speaks to the glut of new condos in some neighborhoods. If you check out StreetEasy you will see more and more apts that are staying longer and longer on the market. However, there are people who are buying....mainly first time buyers who have been on the side line waiting for a pull back. Most of the clients that I am working with have saved some cash for down-payments or they have a parent who is willing to help. And if a buyer has been preparing to look at coops and not condos, they realized that they will need strong credit and ample reserves to make it past the coop board. On the other-hand, buyers who can’t buy before they sell their existing property are having a tougher time. So, for a change...the little guy is catching a break.