New York City is a global destination with a dynamic housing market and lots of moving parts. Figuring it out is not easy. Alan Lightfeldt makes it a little easier.
- Luxury market price growth slowing, but still growing.
- Developers targeting luxury -- “so a ton of new supply is unloading at the same time.” Good news is that buyers can negotiate better terms.
- This is not a crash -- the market is going from a “boil to a simmer.”
- Developers converting for-sale to lux rentals, as many as 70 percent in some buildings.