Sunday, January 4, 2015
2015 is Year Of The Condo
New York Times calls 2015 The Year of the Condo as twice as many new condominium units are expected to hit the market. This gives buyers more choices and some pricing relief as competition among developers increases.
Roughly half of the new units would be in the mid luxury price range of $1700 to $2300 per sqft. About 13 percent would be in the "entry level" range of less than $1700 per sqft. The remaining 37 percent would be in the luxury or ultra luxury segment priced above $2300 per sqft.
Supply at less than $1700 per sqft is so limited because of soaring land acquisition costs which makes it difficult for developers to turn a profit at this range.
Some of the highly anticipated launches include 100 Barclay, 53 W 53 and 515 Highline.