- 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.
The Decade Dominated by the Ultraluxury Condo
(01/10/2020)