Nearly Half of Luxury Condos Set to Hit the Market This Year Are Already in Contract
We know very well that 2015 will see a huge influx of new super-luxury condo units, but what we didn’t know until now was that nearly half of these high-end homes set to hit the market are already in contract, making this year’s forecast widely overblown.
According to Crain’s, a new report from Halstead Property Development Marketing suggests that of the 6,500 new condo listings that have been projected for 2015, only about 3,500 will actually be available for sale in the next 11 months, as 3,000 of them are already taken.
Stephen Kliegerman, a Halstead executive who oversees the firm’s efforts at marketing and selling newly built condo units, predicts that this smaller supply will cause sale prices to soar, a mutual feeling among real estate professionals. Halstead estimates that “52 percent of new condo listings hitting the market are priced at an average of $2,757 per square foot, nearly 25 percent over the average $2,215-per-square-foot sale price for newly developed condo units in 2014.” In simpler terms, this means that half of 2015’s new apartment listings will be priced at $5 million or more.
[Related: Looking Back and Forecasting What’s to Come in the 2015 NYC Real Estate Market]
[Via Crain’s]
