Mortgage And Real Estate News

Tuesday, March 31, 2015

NYC Luxury Listings Jump as Lower-End Buyers Shut Out

Newly constructed luxury condominiums are proliferating in Manhattan, creating an excess of high-priced homes for sale at a time of limited supply for buyers seeking more affordable options.

At the end of the first quarter, 1,345 units in new developments were listed for sale, a 22 percent jump from a year earlier, according to a report Wednesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Purchases of such properties dropped 13 percent.

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Reuters: Business News

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