According to Streeteasy.com apartments priced at $10mm and more spent an average of 147 days on the market as compared with about half as many days a year earlier. This is no surprise for several factors. Here are a couple:
1- More inventory- Inventory has increased nearly 100% in the luxury market in the last year. On Billionaire’s Row aka 57 street, there are 4 projects coming to the market or already in the market that will compete with One57. There are 6500 units total coming to the market in 2015 with roughly 1/3 asking $2300 per sqft or higher.
2- Strengthening dollar- Foreign buyers are seeing their money is not going as far.