Crain’s New York says that it has seen for the first time that NYC luxury real estate are not as popular as they were in the past. The market has a lot of big companies like Town Residential working on condos, but these companies cannot rely on condos anymore. They have to move to other places where they can make money, and they need to make sure that they are not just trafficking in condos.
Crain’s says that the market is getting really cool because the condos have been snapped up by all the people that were there to buy them. There is a lot of value in the condos, but they are not going to be popular because there is no one left to buy them. Investors might want to have a look at them, but that does not mean that the condos are going to be sold. Investors take a lot longer to buy because they think that people are going to not want to rent them.
There is a lot of fluidity in the market because it is beholden to the prices that people are going to have to pay. These people are wondering if it is even worth it to get one of these condos, and companies like Town Residential are going to have to lean on other sources of income. Town Residential works in all parts of the real estate market in New York, and the company is finding new investors who might want to make sure that they can get in on a part of a condo development. This might be just one result, but it is possible.
These condos are getting cool because people do not want to pay for them, and companies like Town Residential are trying to find other places where they can make sales.