Luxury condos are going to make a lot of people if they choose to shop for them, but a report from Crain’s New York says that there is no one left to buy these condos. Town Residential does a lot of crunching of numbers, and there is a concern that all the people who could have bought condos have already bought them. Prices are pretty high in NYC real estate market, but someone who really wants to get a nice place to live might spend that money on something else.
The luxury condo market is not dead, but there are companies out there that are like Town Residential, and all these companies have to find buyers for the condos that are in their portfolios. Someone who wants to get a nice place to live in the city should check out all their options, and that is what Town Residential does. They cannot make people buy condos, and they have to give people what they want. It just seems like people do not want to have much to do with the condos that are on the market today.
The best thing that these companies do is to see if they can get people to bite on the condos for less money. The companies will make less commission, but they will be able to move the properties that are just sitting there because there is not enough interest in them.
There are some people who think that the market could pick up if the prices go down, but prices have been so high that there is no way to know if they are going to go down any time soon. There is not a lot of hope for some people, and that means that they are going to move these condos onto investors. Investors can rent them out, but that might also be too much money for some people to spend.