Tribeca property moving fast

If there's one thing driving the Tribeca residential market right now, it may very well be the lack of market. Tribeca's inventory is 30% lower than it was at the peak and that is influencing how almost all properties are being perceived and how quickly transactions are taking place.

Open houses are packed, especially the larger apartments (two bedrooms and larger) and its not uncommon these days to see 30 or more potential buyers show up at an open house.

Of course, part of the reason there is so little inventory is because, unlike a few years ago, there are virtually no large new developments on the market in Tribeca today. That's because many of the planned projects in the pipeline stalled or failed when the economy soured, and because its extremely difficult to get funding for new projects.

Families are still flocking to Tribeca for its schools and neighborhood feeling. But, a new dynamic is helping to raise prices too...more and more singles are moving into the neighborhood.

Tribeca has always been a cool place to live. First by mostly actors, artists and models, then by families and now by Hedge Funders....its ever changing but one thing remains constant...prices are always on the rise.