China beached. Kangbashi, the new district of Ordos in Inner Mongolia, once known as Central Park East
The GMLS closed yesterday for Christmas (which, they don’t seem to know, is on Friday, not Wednesday), so I’m casting about for real estate news, and here’s a story:
According to Bloomberg, NYC luxury home prices have been declining since last February.
Manhattan’s luxury-home market is losing its luster.
The median price for the borough’s most-expensive homes fell to $3.59 million in October, down 2.2 percent from a year earlier, according to an index by StreetEasy measuring resales in the top 20 percent of the market. Prices have been dropping every month since February, when they reached their highest point on record, a median of $3.72 million, an analysis of data from the listings website shows.
“There has been a continuous decline for eight months and I’m comfortable calling that a peak,” Alan Lightfeldt, a data scientist at StreetEasy, said in an interview. “The downward trend in that decline hasn’t abated, and we haven’t seen it wavering in any way.”
Here’s the part that reminds me of Greenwich:
Prices for luxury homes are moving in the opposite direction from the broader Manhattan market, where values are still rising and discounts are few. New York’s high-end inventory has ballooned in recent years as developers focused on building large and lavish units in an appeal to wealthy investors, who now appear to be more hesitant to buy. Listings for more moderately priced homes, meanwhile, haven’t been replenished because the high cost of land makes building in that range unprofitable, and owners are reluctant to sell because they can’t afford to trade up.
The result is a pool of listings that’s light on the properties that more people want to buy, Lightfeldt said. In the third quarter, the supply of homes for sale in the top fifth of the the market rose more than in any other segment, jumping 8.9 percent to 4,055 units, according to StreetEasy. For the other four levels combined, listings declined more than 3 percent.