While there have been many reports about the glut of luxury apartments either in the market or coming to the market, the “affordable luxury” market continues to sell at a quick pace.
A couple of East side condo conversions have prices in the $1300 or so per square foot and that is a definite sweet spot of the market. As these buyers have had little relief to the shortage of inventory under $4mm and especially under $2mm.
Of course speculation of market slowdowns has caused some buyers even in this segment to pause according to Brokers.
My firsthand experience is of a studio that I sold recently at 400CPW which was priced under $800k and went for $20k over asking price and sold quickly. Also, an overall lack of inventory means that anything in the family size of 2 bedrooms/2 bathrooms moves quickly especially under $3 million.