This real estate market is about to crash
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This real estate market is about to crash

This real estate market is about to crash


Skyline construction bangalore 7322485

The tallest residential structure in the Western Hemisphere sits at 432 Park Avenue in New York City.

Standing at nearly 1,400 feet, there are 141 apartments for sale in this building, where the average selling price is $21 million, 10 times the price of an "average" Manhattan apartment. A representative for the building said it is over 70 percent sold, though only a few dozen of those sales have closed so far. A recent report in Real Deal indicated that there are anecdotal signs that "sales have plateaued" in the building, including the fact that the developers are dividing some of the full-floor apartments into smaller units to reach buyers interested in a lower price point and boost sales.

New York real-estate prices have recovered with a vengeance in the past year but buyers may be starting to reach their limit.


Skyline construction bangalore 7322485

The average apartment price in Manhattan hit a record $1.95 million in the fourth quarter of 2015, according to real-estate firm Douglas Elliman.

But brokers reported a distinct shift as 2016 began and the data reflect that: The numbers of contracts signed in January and February fell more than 20 percent from a year earlier to their lowest levels since 2009, according to real-estate analytics firm UrbanDigs.com.

And expensive apartments are sitting idle for roughly 90 days before being sold, the longest "time on market" since January of 2013, according to the StreetEasy Blog, which tracks New York real estate.


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