New York is infamous for it’s sky-high buildings and sky-high housing prices, but the luxury market is cooling off, according to Boston.com.
This news means that Boston’s luxury condo market is speeding up and beating luxury condo sales in NY.
Developers throughout both cities are constructing more and more luxury buildings and filling up both markets.
While this has been beneficial in Boston, in New York so many buildings are either newly opened or under construction that it has created a backlog.
Both markets were in similar places last year, but are now moving in completely opposite directions.
In Boston luxury properties are selling faster, from 70.3% still being on the market after a month down to 67%. In New York this number has increased from 73% last year now to 75%.
The difference is that although there is a current surge in luxury construction in Boston, the demand for these properties is still high and is yet to saturate the market.
The same can not be said for the New York market, where the demand for the high end towers is decreasing and prices are rising at the slowest pace since 2012.
Due to under-building in past years, Boston could now see this construction and sales boom for another two years or more before prices begin to really slow, according to experts.
This is good news as the BRA has approved a total of over 1,100 new residential units just this month.Tags: Boston Luxury Market, Luxury Buildings, Luxury Condos, New Constrution, news, Residential Real Estate