Manhattan New York Year End Market Report/2014 Thoughts
It's the end of 2013, pretty much everybody is now home for the holidays and its the perfect time to reflect on what happened in 2013 and to look ahead to 2014.
In 2013, we saw historic lows for apartment inventory, a frenzied pace of sales volume, a market dominated by all cash and multiple offers, and new construction condos selling as fast as they were released. Basically almost anything priced relatively decent with a few attractive features would receive tremendous interest.
Looking at the 2014 predictions, we see concerns about interest rates increasing, the impact of the new mega-development projects that are now breaking ground, how the new administration will affect New York City real estate, and just how much demand will there be for the high end luxury market.
We see this discussion of the demand for the high end luxury condomonium market a lot with our buyers. We brought many of our buyers to these new condominium projects, most that will not be completed until the end of 2014 or early 2015. We follow these new construction projects and we see what looks like a lot of projects that are in various stages of completion. The trend seems to be smaller projects in the number of units available in the buildings, price points catering to the upper range of the luxury segment, and often the mix of apartment sizes tend to favor larger 3 or 4 bedroom apartments.
The buildings that sold out extremely fast in 2013 shared some common characteristics, most importantly location. Neighborhood is still everything and a new condominium being built in what is an already established location continues to see more demand than what is currently available. Buildings like 150 Charles Street in the West Village, 56 Leonard Street in Tribeca, 10 Madison Square West in the Flatiron Neighborhood, all saw a lot of demand and are well positioned as prime condominiums in their respective neighborhoods.
We are expecting a continued demand for re-sale condominiums, because new construction price points are typically much higher than already built condominiums. Many of our listings this year and we expect this to remain in 2014 , saw tremendous interest and multiple offers when coming available at market prices.
Call us if you would like to invest in Manhattan New York Real Estate and we can discuss in detail of what you are looking for. (917)837-8869.
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
Our team specialize in Manhattan New York Condominiums, townhouses, and condops.
We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.
Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent