With a large influx of high-end condos hitting the New York City real estate market, investors are wise to get choosier on their property picks, analysts say. The current market doesn’t fare to quick turnaround profits as it did a few years ago, when condo flippers could expect 30 percent profits. Still, in 2015, the average deal netted a 15 percent profit, according to Crain’s New York Business.According to StreetEasy’s 2015 Q4 Market Report, the number of homes within the luxury price tier, or the top 10 percent of the market, grew 1.4 percent between Q3 and Q4 of last year, from 21.3 to 22.7 percent. While inventory in the category is increasing, the number of pending sales decreased between quarters by 0.8 percent, from 11.1 to 10.3 percent of the total market share of pending sales. Overseas developers respond to Manhattan's saturated market Chinese developer Xinyuan Real Esate Co. acknowledges the oversupply of Manhattan luxury properties and is responding accordi...
- According to StreetEasy’s 2015 Q4 Market Report, the number of homes within the luxury price tier, or the top 10 percent of the market, grew 1.4 percent between Q3 and Q4 of last year, from 21.3 to 22.7 percent.
- Overseas developers have responded to Manhattan's saturated market.
- Manhattan is seeing frequent price cuts in the high-end market thanks to high inventory and tapering demand from luxury buyers, who now have the ability to shop around at a leisurely pace.
- Sales prices are dipping, but not uncontrollably. Investors can still make profits, just not at the rates they might have seen in the past.