The Hudson Gateway Association of Realtors Inc. (HGAR) and OneKey MLS hosted a virtual panel on Feb. 9, featuring real estate experts who discussed how the New York market is shaping up so far this year and where it’s headed. Leaders from First Republic Bank, Marketproof Inc. and Miller Samuel Inc. walked through what the […]
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New York real estate professionals zoned in on the region’s luxury housing market to analyze the wave of multimillion-dollar sales, and weigh in on pricing, buying trends and prized locations at a virtual panel May 13 hosted by the Hudson Gateway Association of REALTORS®, Inc. (HGAR) and OneKey™ MLS. “Getting the Deal Done: Homing in on New York’s […]
NYC’s $45 Billion Luxury-Condo Glut Set to Start Easing Soon
Bloomberg 3/9/2021 Oshrat Carmiel
(Bloomberg) Manhattan’s glut of luxury condos has been nearly a decade in the making. This could be the year the logjam starts to break.
Professional deal-seekers are amassing investment funds, ready to pounce at the chance to purchase unsold apartments in bulk. And developers with towers that started sales years ago are finally dropping unit prices to levels ordinary buyers are willing to pay.
At the same time, lenders are getting more aggressive, moving in to foreclose on long-lingering projects whose builders have fallen into delinquency. Those actions could potentially spill more deeply discounted homes onto the market.