New York City's luxury housing market has, rather suddenly, hit the brakes. Crain's New York Business surveys the landscape.
"After three super-heated years, the market for the city's priciest new condominiums appears to be cooling off a bit," according to an article by Daniel Geiger.
Geiger cites the recent example of One57 as an example of the cooling trend in the high end, luxury market: "One57 joins an expanding list of properties where buyers are flinching at prices that, like some of the towers themselves, have reached unprecedented heights." In fact, "[the] growing crush of high-end projects has increasingly prompted buyers to thoroughly shop for their options."
The article blames plummeting oil prices, impacting buyers from Russia and the Middle East, as well as the sluggish Chinese economy for the slow market. Stephen Kliegerman, president of Halstead Property Development Marketing, is quoted in the article pinning much of the blame in a glut on supply.
FULL STORY: High-end condos hitting headwinds
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Economic & Planning Systems, Inc.
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research