If you need assistance, please call 914-290-5258

There's a surprise inside half the condos in those skinny luxury Manhattan towers.

Tuesday, January 14, 2020   /   by Vanessa Saunders

There's a surprise inside half the condos in those skinny luxury Manhattan towers.

2020-01-14.Condos in Manhattan.jpg
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems

You know all those ultra-slender, ultra-fancy tower condominiums that have been popping up out of the Manhattan concrete since 2015? Next time you look at one, bear in mind that half the condos in them are empty. Surprise! No buyers, according to Nancy Packes Data Services. The other half are probably Starbucks that have gone vertical. 
The reason for all the empty rooms over Manhattan: a combination of overly aggressive pricing and a growing public disdain for the skyline-disrupting mansions in the clouds. But really, it's all about pricing.
Comparing the prices of new development units to resale units over the last decade tells the story. In 2012, new units sold for a 22% higher prices than resale units. At the end of last year, the premium was 118%. 
Nancy Packes lists three reasons for the “extraordinary oddity of the current cycle. ”  
According to Packes, buildings competed to add the latest amenities, pushing up prices. Units also got bigger. Lastly, the clientele changed. The ultra-skinny towers are trying to woo not just local billionaires, but are appealing to the wealthiest people in the world. Apparently, both are having none of it.
A Halstead Development Marketing report cited by Bloomberg News shows that at the current pace of condos sold at this price range, it would take six years to sell all of Manhattan’s unsold units.
Gosh, I miss the laws of of supply and demand.

If you're considering buying or selling a property locally or globally, or need more information, CLICK HERE



  westchester county, manhattan, executive homes, house pricing, manhattan real estate, westchester home for sale, manhattan coop, central park west, condos, westchester condo, coops, manhattan skyline

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


NY.png

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2020 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2020 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.
This site powered by CINC: www.cincpro.com