Flatiron penthouse for sale via StreetEasy
Price growth in New York?s luxury homes is continuing to flat line, according to StreetEasy?s April report.
StreetEasy?s monthly reports have shown stagnation or decline in the median resale price of New York homes since October 2015, even as the number of homes priced in the segment remained the same year-over-year. Although the investment capabilities of New York real estate have contributed to it being viewed as something of a bubble, the city has been swept into a larger luxury real estate slowdown.
?There will always be an ebb and flow to demand for Manhattan luxury real estate, however great that investment may be. In 2014 and 2015, the overall market saw incredible growth that simply could not be sustained,? said Alan Lightfeldt, data scientist at StreetEasy. ?As demand has tapered off a bit, price growth has cooled and the market has slowed. ?None of this is concerning from a market perspective, as we expect growth to cool after a strong rally,? he said. ?It is important to note that slower price growth is not the same thing as a market crash.?
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Overall, New York real estate prices are appreciating, but this is due primarily to a shortage of inventory ? declining 25 percent ? in the bottom 40 percent of the market, or homes costing less than $1.05 million, in the Manhattan borough. Those priced in the upper 20 percent (more than $3.31 million in Manhattan or $1.33 million in Brooklyn) are continuing...