Buyers in Manhattan are getting a deal not seen in many years. Million dollar discounts on ultra-luxury condos. These deals come amid other proof that the condo market has become saturated with expensive homes.
Recent buyers at 432 Park Ave, the tallest and newest project in the area, have seen their recent purchase contracts reduced and some up to 20%. The move would seem to be a smart play as newer construction is lowering prices in light of the new trend.
As high-end condo buildings are popping up across the New York City skyline, developers of already completed units are cutting prices in hopes of unloading them before new ones hit the marketplace. An estimated 3500 new spaces hit the market in 2016.
The complex at 432 Park is not the only newly completed building that is offering price reductions. A few blocks away, a 4100 square foot space from Extell Development just reduced its price by 24%.
Also, completed projects are not the only ones being cut. At the Kent, being constructed on 95th Ave near Third Ave is issuing a 5% discount as a way to intensify interest in their condos.
Every building in the area is doing something to try lure potential buyers to pull the trigger on a purchase.
According to city records, price reductions seem to be happening all across the high-end condo space.
This is in sharp contrast to the new construction boom in the high-end residential area which was seen to peak back in 2014.