From the September issue: The supply of luxury condos priced at $10 million or higher shot up more than 16 percent in August from last year, according to data from real estate analytics website UrbanDigs. As of Aug. 17, there were 222 condominiums in that price category on the market.
However, a The Real Deal analysis of condominium plans filed with the state attorney general’s office found that only two new building plans that include pricing and had an average proposed unit price of at least $10 million have been filed so far in 2015, meaning that luxury supply could drop in the not-so-distant future.
“Developers know that no party lasts forever,” Citi Habitats President Gary Malin said, adding that although there’s still a large amount of luxury product in the works, the line to get in on the action is getting shorter. Developers “don’t want to be left without a seat when the music stops,” he added.
Median asking prices for luxury listings are on a downward trend for the year, Olshan Realty data shows. “The pace of appreciation has certainly come down to more normal levels,” said Noah Rosenblatt, founder of UrbanDigs, adding that sellers cannot expect the returns of a few years ago.
TRD also looked at data from On-Line Residential on Aug. 3, and found that Corcoran Group had the most single- family luxury listings and the highest asking luxury price volume of any Manhattan brokerage, with 285 such listings for a price volume of more than $3.32 billion.