During the boom years in Manhattan real estate, it seemed like new construction condominiums -- and a host of new Manhattan condominium listings -- hit the market every week, each more spectacularly amenitized, dramatically turned out and eye-poppingly expensive than the last. It was a good time, in short, to be a real estate developer -- with plenty of buyers and a housing market that seemed on an endless upward trend, new construction NYC condos essentially sold themselves.Of course, you know what happened next -- it wasn't an endless upward trend, the national economy and real estate markets collapsed, and many of those new construction condominiums either didn't get finished or didn't get sold. Manhattan's condominium market slipped into something like a long winter. This meant buyer-friendly prices on Manhattan condominiums for sale, but the general, overarching, and totally justified sense of anxiety in the market ensured that the recovery was slow and gradual. But with the speed and intensity of the NYC condo recovery picking up in recent months, there's finally some real good news in the new construction condominium scene -- sales of new construction Manhattan apartments are, at last and once again, challenging those of the resale market. "Industry experts are reporting unmistakable glimmers of life in New York's long-suffering new condo market, which has struggled mightily since the financial crisis of 2008 and lagged behind the resale market on the recovery front," the Real Deal's Candace Taylor writes. "Buyers are showing a renewed interest in new developments, brokers say. Suddenly, units in newly built projects -- with prices marked down substantially from the boom -- are moving faster than expected. Of course, many buyers are still nervous about new condos, but their desire for a good deal is at least starting to outweigh their doubts." This development, Taylor writes, has been especially good news for new construction condo listings such as The Aldyn, as well as for less-new condo listings such as NCM favorite The Sheffield 57, which has emerged as a slow-burn success story after reorganizing its management. Anyone familiar with the NYC real estate market knew, even in the market's darkest hours, that there was no way things would stay bad forever. But that doesn't make it any less exciting to see that, finally, things are turning around for new construction NYC condominiums. And with prices still low enough that NYC apartment hunters can score deals on luxury condominiums, this is the rare bit of real estate news that both developers and those browsing NYC condo listings can celebrate equally.
What's New: Are New Construction Condominiums Back In Fashion?
Posted on Mon, 2010-11-01 18:39