Markets & Economy

Sales soften in the NYC luxury real estate market

The Federal Reserve latest Beige Book report shows “sluggish” sales in the high-end tier
Published on Mar 10, 2016
  • 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.

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by CareyBot

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 ...