What is the prognosis of today’s real estate market, especially when it comes to condos? Last year, realtors and real estate experts interviewed by The Cooperator pointed to robust increases in sales and prices as well as increasing buyer confidence despite low inventory. They also said that the recession was firmly in the past.
This year, things seem about the same. Gordon H. Hoppe, executive vice president of the Corcoran Sunshine Marketing Group, told this publication in the fall, “For residential new development, the market is on track to have more sales than last year, with nearly 50 percent more sales in the first half of the year than in 2014. With developments at all price points in every neighborhood, buyers have responded to the incredible variety of new residences coming to market.”
Julie Park, a real estate agent at The Level Group in Manhattan added, “I think we are still realizing just how strong 2015 was now that closing figures from the last three or four months are hitting public records. Currently, there is a bit of slowdown that typically occurs this time of year, but I am not seeing severe price corrections.”
Several people in the industry commented on high prices. “Units are going for 25 percent above asking price,” said Rich Schulhoff, CEO of the Brooklyn Board of Realtors.
While the average sales price for a home in Manhattan decreased 7 percent year-over-year, according to the third-quarter report just released by the Real Estate Board of New York (REBNY), there were average increases of 18 percent in Brooklyn, 7 percent in Queens and 9 percent in the Bronx.