2015: Year of the Condo in New York City
At least twice as many new condominium units are scheduled to hit the Manhattan market this year as in 2014, the most since 2007. That means more choice for buyers and some welcome competition among developers. The influx comes after a five-year shortage, when new condo buildings practically had the market to themselves, allowing developers to push prices ever higher. The oncoming wave of new development in 2015, some real estate watchers predict, will temper that price growth and slow the pace of sales, providing some relief to Manhattan buyers.
Over all, at least 6,500 new condo units are expected to open for sales below 96th Street across more than 100 buildings in 2015, as opposed to about 2,500 units in 59 buildings last year, according to the Corcoran Sunshine Marketing Group, which tracks new development. Inventory will be the highest it has been since 2007, when 8,052 new units were listed.
Statistics have proven that whenever the market is strong the consumer is the ultimate winner within a competitive environment. In order to compete, people will have to build better product. To stand out, developers are focusing on architecture, interior design and craftsmanship. In the past, developers were building to what they believed their marketplace was rather than building to attract new buyers in their marketplace. Today, the level of design is very high where buyers will not only have vast quantity to chose from but more importantly, quality.