At the risk of sounding like a broken record, NYC real estate is better than ever. And while all segments appear to be performing well, recent reports indicate buyers’ preferences have been leaning toward luxury condos and townhouses.
High-end condos are outselling co-ops by nearly four-to-one. According to Olshan Realty, 615 condos priced at $4 million or higher went into contract through mid-June, while only 177 co-op apartments had contract deals during this same period.
It seems buyers today are now favoring new developments with amenities designed for this new age of living and passing on
intrusive and lengthy approval processes that come with co-ops. Donna Olshan, Olshan Realty President remarked, “The buying pool is starting to value co-ops like used cars. They’re not new, and in order to get in and out, you’ve got to deal with a co-op board. If they’re spending millions of dollars, they want to be able to buy and sell freely – not have that tied up by a shadow government.”
Many people consider New York City “home” and the ideal place to live with access to the best in art, fashion, food, and architecture. In addition to the rich culture it offers, it’s considered the financial capital of the world and home to some of the wealthiest multinational companies—ideal for doing business and commerce. People who left New York for the suburbs are realizing they miss the energy this city has to offer. So rather than giving that all up for more space, people are just making adjustments in how and where they live in order to reside in the world’s best metropolitan city.
It’s true what they say about New York … it offers everything imaginable one might want, and that includes the “right” home. If you’ve been considering upgrading or buying, please reach out. The market is still in a place where deals are being made, but we just don’t know how long that will last.
