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Oversupply halts New York real estate, but ultra high-end flourishes

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Oversupply halts New York real estate, but ultra high-end flourishes Oversupply halts New York real estate, but ultra high-end flourishes

Oversupply halts New York real estate, but ultra high-end flourishes






Flatiron penthouse for sale via StreetEasy
Price growth in New York?s luxury homes is continuing to flat line, according to StreetEasy?s April report.
StreetEasy?s monthly reports have shown stagnation or decline in the median resale price of New York homes since October 2015, even as the number of homes priced in the segment remained the same year-over-year. Although the investment capabilities of New York real estate have contributed to it being viewed as something of a bubble, the city has been swept into a larger luxury real estate slowdown.
?There will always be an ebb and flow to demand for Manhattan luxury real estate, however great that investment may be. In 2014 and 2015, the overall market saw incredible growth that simply could not be sustained,? said Alan Lightfeldt, data scientist at StreetEasy. ?As demand has tapered off a bit, price growth has cooled and the market has slowed.
?None of this is concerning from a market perspective, as we expect growth to cool after a strong rally,? he said. ?It is important to note that slower price growth is not the same thing as a market crash.?
Safe investment"

Overall, New York real estate prices are appreciating, but this is due primarily to a shortage of inventory ? declining 25 percent ? in the bottom 40 percent of the market, or homes costing less than $1.05 million, in the Manhattan borough. Those priced in the upper 20 percent (more than $3.31 million in Manhattan or $1.33 million in Brooklyn) are continuing to falter.
Throughout the year, real estate will continue to trend downward, with the luxury quintile leading the citywide deceleration in price growth. Currently, the luxury quintile is faced with over-supply while affordable homes are at a shortage. The market will have to achieve equilibrium before the high-end can expect to grow again.
Lenox Hill co-op for sale via StreetEasy
?The conflicting price trends happening among luxury and non-luxury homes in Manhattan hints at a rather remarkable imbalance between demand and available supply,? Mr. Lightfeldt said. ?Manhattan buyers are by-and-large looking for moderately priced homes at or below the $1 million mark, but what they?re finding on the market now is mostly luxury units priced well above that.
?Developers raced to get these luxury units to market while demand for them peaked in 2014 and 2015. Since then, however, demand at the high-end of the market has flagged while it remains high at the middle to low end.?
However, units at the very top of the market, because of perpetually short supply, are immune to this trend. The continued interest in New York?s most expensive speaks to the continued safety of investment in the city?s real estate.
In the six-month period ending March 31, 2016, 566 apartments were sold in buildings comprising The CityRealty 100, the firm?s index of the top 100 condominium buildings. During the same period last year, there were only 334 sales.
Additionally, over the past 10 years, properties in T...
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Oversupply halts New York real estate, but ultra high-end flourishes Oversupply halts New York real estate, but ultra high-end flourishes

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Source of news: thetoptier
Source of publication: 05-06-2016 21:39
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