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It seems a little premature to say the New York market is slowing down. That article mentions a $27M apartment in One57 that is still on the market, but fails to mention that 90% of the building's units have been sold.
Sure but there are lots of articles from several media outlets that all say the same thing: New York's high end condo market is slowing down.
Sure but there are lots of articles from several media outlets that all say the same thing: New York's high end condo market is slowing down.
But as others have mentioned, that's what happens every winter. Given the insane number of condos which are under construction/breaking ground, it seems like the economics show the market is still there.
However your earlier post about the strong $ perhaps slowing down foreign buyers certainly holds weight. It'll be interesting to see how this all shapes up in the coming months/years. You've got to imagine two very large client bases, Brasil & Russia, will certainly see a sharp decrease in the amount of purchases made in NYC, at least for the time being. Conversely, if the Real/Ruble recover, I wouldn't be surprised to see a sharp jump in the number of foreign purchases by those countries' citizenry (though the Ruskies would probably buy in London before NYC) just because both governments aren't trusted by their populace.
Yes, the strong dollar is inhibiting rich foreign buyers( from the BRICs and elsewhere) looking to invest in prime US real estate.
Russian buyers face a double whammy because on top of the sinking ruble is sinking oil prices. Middle Eastern buyers also have to reconcile with oil prices too.
I didnt say all of this btw, it was Bloomberg and Forbes, and so if the market is continuing to produce at a fast rate then it's based on speculation, which in the case of NYC is probably acceptable due to the city's unique position as the hub of American power.
Heck, our domestic elite is collectively larger in number and wealthier than any foreign group and many of them have property in NYC as well, so who knows?
But Im simply reposting what I read in Forbes, Bloomberg and CNBC.
That article is idiotic. Even dumber, the authors of that article are the ones responsible for that specific issue. One57 is the only high-end building in NYC with tax breaks, because of a stupid carve-out of that tax lot back 20 years ago. When the previous mayor tried to end this specific carve-out, the authors were trying to protect the carve-out.
Every other high-end building in NYC pays full property taxes, which are sky-high.
No matter how nice they are or how big they are, I couldn't see myself plopping down all that money for an apt. I would take Holmby Hills Los Angeles over the NY apts. Give me a beautiful house with privacy yet you can step out into your yard with a pool, green grass and flowers year around. Private, yet in the heart of the city close to great restaurants, shopping and all.
What do all these houses have in common? They're all a waste of money.
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