There has been an awful lot of noise about the Real Estate market in New York in the past few weeks. Is it hot? Is it cooling? Reporters cite plans for one Central Park South being put on hold as conclusion-worthy news. Can we really extrapolate from that to the whole market? What does the Sweet Meteor O’Death have to say?
The $10mm-and-Up Luxury Market
Very recently I was having a market conversation with a seasoned developer whose opinion I respect. “Do you know there were only 114 sales in 2015 over $10mm?” he said to me. “Out of more than 11,000 total sales in New York City.Yet, all the press wants to write about is the market for what’s less than 1% of all the sales!”
He’s probably not thinking about the NYC luxury housing market.
Interesting thoughts to consider. I agree with them.
Certainly, I enjoy reading about the engineering marvels and the cheap financing of these big projects through arcanevisa projects like EB-5. But there is a total disconnect between this news and where housing is generally.
2016 Prices, 2016 Mortgage Rates
I keep banging the drum about this, but it does look to be accurate. We’re seeing price reductions on overpriced units overhanging from 2015, and sellers finally may have gotten the memo that they need to be far more in touch with