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Luxury Apartment Sales Plummet In New York As Sellers ‘Capitulate.’

“Sales of luxury apartments that cost $5 million or more in New York City have plummeted more than 31% over the first six months of this year, and sellers are trying to make up for the drop in sales by slashing prices to meet buying demand. A market report by Stribling & Associates, a New York-based brokerage, noted the fact that sales in this luxury category have fallen drastically year-over-year. It found that the drop in sales was concentrated in newer condominiums, where supply has been overwhelming, according to a follow up on the report by WSJ.”

Chart source: WSJ

 

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See also  Real Estate – Alternative to Bonds

h/t SG

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