According to real-estate website StreetEasy, 12 of the condos in Manhattan currently listed at over $20 million have had their prices cut by 5 percent or more in recent months, while only 2 of them have seen any increase in their listing price. Among the cuts is a condo at 1 Central Park South. It’s been on the market for more than 250 days, and is now on sale at $45.5 million, $6.45 million less than its price a few weeks ago.
That’s just one of the indications that the market may be slowing down. Here are some others:
Turning one apartment into two
One developer recent chopped a $45 million listing at 10 Sullivan into 2 separate apartments. The 8,400 square feet property is now split into a 3,000 square foot listing for $11 million, and a 5,400 square foot listing at $29.5 million.
Waiting it out
Some sellers are acting cautious amid a perceived glut in supply. One developer had all the approvals he needed to start listing luxury units at 111 W. 57th St., but he has decided to hold off, saying ‘if you have a market where you think marketing would be ineffective for now, why would you launch and spend the money?’
This post was published at David Stockmans Contra Corner by Julie Verhage, Bloomberg Business – August 11, 2016.
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