Manhattan and New York City possess some of the priciest housing averages in the U.S., and the market is a haven for the premium development crowd. But now, even for the ultra-luxury niche, supply seems to be outpacing demand. According to the Federal Reserve Beige Book February 2016 report, condo sales declined in New York City, while residential real estate prices increased overall. High-end market overcrowded? “A major New York City appraisal firms also notes that the high end of both the purchase and rental markets has been particularly sluggish, reflecting excess supply; a similar pattern prevails for high-end rental markets across the District more broadly,” the Fed report said. Many New York City residential experts observed the overcrowding of the high-priced market...
- Many New York City residential experts observed the overcrowding of the high-priced market.
- Although moderate residential properties in Manhattan have shown value appreciation, steep properties experienced seven consecutive months of decline.
- Luxury bidding wars have decreased, and residential sales and rentals have decelerated.