The Decade Dominated by the Ultraluxury Condo

The New York Times (01/10/2020)
  • During the 2010s, real estate developers flooded NYC with high-end residential skyscrapers.
  • These new developments were targeted towards wealthy, all-cash foreign buyers increasingly looking to diversify into US assets.
  • However, demand started to cool around 2015 as the global economy became more volatile.
  • Nearly half of all condos listed after 2015 remain unsold.
  • The luxury condo glut is also driven by overpricing, with the average new condo +118% more than the average resale.
  • In 2009, the average new condo was only 9% more than resales.