CNBC: This Real Estate Market Is About To Crash
The tallest residential building in the Western Hemisphere is NYC's 432 Park Ave. Yet only 13 of the 141 luxury units have closed, making experts wonder whether the NYC luxury real estate market has topped out.
Over 5,300 luxury condos are being constructed in the city exactly at the time foreign buyers—who account for nearly 40% of NYC’s luxury condo buys—are backing away due to the rising strength of the dollar, CNBC reports.
To make matters worse, the StreetEasy Blog notes that high-priced apartments sit idle for roughly 90 days before being sold. That’s the longest time on the market since January 2013.
And while developers continue to focus on building luxury condos, likely to the point of overflowing the market—we are in the midst of an affordable housing crisis. [CNBC]