How much did NYC appreciate real estate
Luxury apartments are settling in again New York real estate is flagging
If you are dreaming of a chic apartment in one of the trendy New York neighborhoods, you should be patient. The buying frenzy of recent years seems to have stalled and brokers are increasingly willing to accommodate their well-heeled customers in price negotiations. Time is on the sellers' necks, because in districts such as Manhattan or the Upper East Side, the boom of recent years has led to a significant oversupply of luxury apartments.
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New York real estate buyers are in a comfortable negotiating position
Gone are the days when sales contracts for New York luxury apartments were signed in the planning phase. Those interested in apartments in the upper price segment are now taking their time buying, viewing several properties and persistently negotiating. The seller does not know whether they actually decide to buy until they have signed the contract. Luxury realtor Olshan Realty has current figures that dramatically demonstrate this trend. Compared to the same period last year, Manhattan apartment sales in excess of $ 4 million were down 21 percent.
Uncertainties dampen the desire to buy
Demand for luxury apartments has also fallen in other cities in the United States, but realtors are particularly hard hit in New York. Several factors are having a dampening effect: The falling oil prices and the economic weakness in many parts of the world have meant that an important group of potential buyers is increasingly staying away. And in the USA, too, there is great uncertainty in view of the upcoming presidential elections, which is hampering purchase decisions.
The buying frenzy of the past few years seems to have stalled. "
Oversupply of apartments in the upper price segment
For many years, one building after another was built in certain districts of New York to meet the enormous demand for luxury apartments in the glittering US metropolis. Now real estate developers have to rethink and creativity is required. The discounts for New York real estate are still being secretly agreed. Some sellers promise the hesitant attractive prepaid cards worth $ 5,000 if you sign the contract by a fixed date. Flexible builders adjust to the changed conditions as early as the construction phase and turn huge apartments with several bedrooms into smaller residential units. Experts estimate that around 3,500 new luxury apartments will come onto the market in 2016. That is almost 40% less than was estimated in January.
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