With 2013 officially coming to a close, there are many who have their eyes on 2014 and what it will mean the country’s top luxury real estate markets. This of course has many looking to New York City, the most vibrant and successful luxury real estate market in the industry, with high hopes for 2014. While there is no way to tell for sure what 2014 will bring, there are professionals many who can estimate what the year will bring based on past and projected trends within this exciting real estate market. Here is a look at what the industry can expect to see from New York City in the year 2014.
With a new major and administration, rising mortgage rates and an increase in the number of new constructions within the market, there is a lot going on in New York City that will absolutely impact the behavior of the luxury market. These things along are expected to spark some changes in the real estate industry. One of the most highly anticipated changes within the city has to do with the expansion of the real estate inventory in the city.
In 2013 plans for several new construction projects were revealed and in 2014, these new constructions will finally be hitting the market. According to reports, Manhattan will be seeing some of the most action with several new condo buildings. According to reports, there is a collection of new buildings that are scheduled to open this year and that many new developers have projects in place that are slated to hit the luxury market in 2014. Many of the new luxury prices in the New York City market are slated to be offered at prices of $2,500 a square foot and above, a price that is necessary to be profitable, with the rising cost of land in Manhattan. While these prices are high, developers won’t be shorting buyers on luxury. Many of these developers are looking to create taller towers, offer more luxurious finishes and build bigger homes in Manhattan to meet the needs of discerning luxury buyers.
With 2014 now in full swing these new constructions are some of the biggest changes that people can expect to see on the New York City skyline. While Manhattan will see growth and will remain a sought after destination for luxury buyers, another change that can be expected is that these luxury new constructions will be finding their way into the luxury market as this becomes the next new ‘it’ neighborhood in NYC.
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