New York’s luxury real estate market is experiencing a correction…
| April 10, 2018 | Posted by RealestateSectors.Com under News, Options, Discussions & Offers About Real Estate Sectors... |
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Apartment sales prices are plunging as new luxury construction floods the market, according to a new report.
The median sales price for a New York apartment for the first quarter of 2018 was $1.0 million, down 1.3 percent from the first quarter of 2017. The average sales price was $2.02 million, down from $2.21 million, according to a report by Stribling & Associates. That’s an 8.3 percent drop from the same time last year.
The average sales price for a Manhattan apartment per square foot was also down 6 percent, from $1,585 per square foot during the first quarter of 2017 to $1,490 per square foot during the first quarter of 2018.
“Buyers currently have many options to choose from, especially when looking at properties priced above $3 million. More than one third of all inventory — 32 percent — is priced above $3 million. In many cases, developers are offering additional incentives to lure would-be buyers to their projects,” said Garrett Derderian, Stribling’s director of data and reporting.
Those incentives range from free parking spaces to paying state and city transfer taxes.
Some developments also offer credits, like a $25,000 credit at One West End, a new Upper West Side luxury condo. The Beekman Residences offers a $10,000 gift card to use at the adjacent Beekman Hotel, Derderian said.
The Sterling Mason at 71 Laight St. is offering a free parking spot with its $15.5 million penthouse — a valuable perk in a city where some spots are as expensive as apartments.
Leonard Steinberg, the president of Compass Real Estate, said that a nearby parking spot at 443 Greenwich, the celebrity “it” building with residents like Justin Timberlake, recently sold for more than $1 million… Read more… (on Marketwatch.com) >>>
