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
Double-Digit Housing Price Increases Tied to Supply Imbalance in Denver
Expensive homes dominated the metro Denver real estate market in 2020.
Rental Demand Grows as Rental Supply Drops
Increasing numbers of renters, at all income levels, and in all U.S. metropolitan areas, are competing for a dwindling supply of rental units, according to a new analysis.
Study: Boston Luxury Housing Supply Doesn't Satisfy Local Demand
Most people living in Boston's most expensive condominiums aren't from Boston, according to new research.
Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage
Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
The 120 Year Old Tiny Home Villages That Sheltered San Francisco’s Earthquake Refugees
More than a century ago, San Francisco mobilized to house thousands of residents displaced by the 1906 earthquake. Could their strategy offer a model for the present?
LA’s Tree Emergency Goes Beyond Vandalism
After a vandal destroyed dozens of downtown LA trees, Mayor Karen Bass vowed to replace them. Days later, she slashed the city’s tree budget.
Sacramento Leads Nation With Bus-Mounted Bike Lane Enforcement Cameras
The city is the first to use its bus-mounted traffic enforcement system to cite drivers who park or drive in bike lanes.
Seattle Voters Approve Social Housing Referendum
Voters approved a corporate tax to fund the city’s housing authority despite an opposition campaign funded by Amazon and Microsoft.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Ada County Highway District
Clanton & Associates, Inc.
Jessamine County Fiscal Court
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service