Manhattan’s condo market is gearing up for a major influx of new product in 2015 – about 6,500 new units across more than 100 buildings will open for sales this year, compared to just 2,500 units across 59 buildings last year, according to Corcoran Sunshine Marketing Group. Developers haven’t faced such stiff competition since 2007, and some in the real estate industry expect to see a return to the lavish marketing and one-upmanship of the boom years.
Others, however, say that today’s battle is won in pre-development. Rather than expanding marketing budgets, they say that developers are devoting more dollars to building superior product. Whatever the strategy, it’s clear that this new marketplace won’t suffer complacency. [more]