luxury apartment sales plummet in new york city - WSJ

[BugsyPal]

Asking ain't getting.


Just because a LL wants a certain rent that does not mean people are willing to pay. Again with market rate housing this is part of a natural and normal give and take.


If you as a tenant don't like the LL's number, you are free to decline, and or pack up and move.


Right now there is so much high end to luxury inventory that prices are constrained. LL's are loathe to drop asking rents too low so they are offering incentives instead that will bring the net effective rent down, but not touch that actual number.

[BBMW]

Unless the neighborhood implodes, luxury housing stays that way. If the rents go down (or the condos don't sell profitably, the original developer might lose the property, but whoever gets it will slightly lower the rent/price until the units get taken. Usually they don't have to go down too much.

Originally Posted by propman-nyc

Haha. It will be sweet vengeance for the poor if their luxury real estate values all go belly up?


Seems like there must eventually be a drop in NYC's market, but NYC is probably the hottest real estate investor market in the world. It is too bad the price for entry is so high.