As previously reported in this blog, 2015 will see approximately 6500 new condos enter the market and according to the real estate industry about half of those apartments will be in the affordable luxury market. This is roughly defined by a price tage of $1700 to $2300 per square foot. So a 1000 to 1100 sqft apartment will come with a price tag of around 2 to 2.5 million depending on floor and views.
In Sunday’s New York Times, there was an article titled “What’s next?” which talked about the trends in the NYC real estate market.
- I agree with several of the points including that in 2015:
- AirBnB will continue to be a force in the NYC area as people rent out their rooms
- Rent stabilization will be an issue heavily discussed as those laws are set to expire.
- More luxury housing will be built
- Emerging neighborhoods like the Bronx will see an influx of new residents