It appears as if luxury property builders are having difficulty staying abreast with market in Manhattan these days, reports The Wall Street Journal. That is why there are various projects currently in development the city.
While the demand for units in the new high-rise communities is strong, the property developers also are fetching record prices for their premium-level condominiums as well. The asking price per square foot is $6,742, which is 13-percent increase over July.
On thinking about tomorrow: While the good times are rolling today, there is concern by developers in the long run that “too much big-ticket supply is occurring over a short period.
But for now, demand for the high-end units remains strong. For example, Extell said it has signed contracts to sell about 70% of its 92 units. The average price per square foot of units sold is about $6,000, a spokeswoman said.