If the listings on this site are any indication, there are certainly a lot of new buildings coming into Manhattan’s real estate arena. To live in a luxury apartment in the city is a dream of many a New Yorker, and these prized new developments are being created to satisfy the demand for these remarkable homes. Recent reports have said that there’s been a rise in the construction of such new residences, with new building permits being issued left, right and center.
A report in the New York Times says that 40 new residential buildings were approved by the city since October, which is 15 percent more than the amount for the same period in 2011. These new developments are certainly good news for the city’s residents, as it means that there will soon be 2,287 swanky new units available on the market very soon. With New York’s inventory known for its sadly low levels, these new apartments can be expected to be lapped up as quickly as they arrive.
That's the reason why the report claims that the supply of new homes into the market will still not satisfy the whopping demand for the same in the city. Furthermore, in a market where shockingly high prices have become the norm, these new luxury apartments can be expected to have price tags that will match the stupendous nature of their luxurious feel. So, while many will be glad that there will be more apartments to choose from, their prices can be a deal-breaker for many others.
New York’s real estate sector has a reputation for being fast and extremely competitive, and so apartment hunters in the city should be ready to swoop in when these new developments come into the market. As we have always encouraged, make sure you are ready to swoop in when the home of your dreams comes into the market—the key to getting the apartment you want in New York is often just speed and, of course, a sprinkling of good luck!