Midtown NYC Luxury Condos for Sale in Manhattan are highly desirable with inventories for NYC apartments at an all time low. In fact they are the lowest they have been in history. If you are seeking a luxury apartment in Manhattan you have to keep your eyes open and ear to the ground to be at the front of the line as properties pop up.
Foreign Buyers Driving Sales
There has been a noticeable drop in the price of Co-ops in Manhattan yet for newer condos prices have risen by 13 percent. It is said to be much due to the fact that foreign buyers are buying up new condos as they will not be considered by the established well off Manhattanites who have long resided in the highly desirable co-ops of NYC. This means foreign buyers have no alternative other then to buy new. In January of this year there were barely enough apartments available to last three months. This continues to drive prices higher. As foreign buyers are willing to buy apartments without even seeing them it is necessary for those who live in the city to remain on their toes and view apartments or buy them before they are built so they do not miss out on new build opportunities.
Less Desirable Investment
Co-ops are becoming a less desirable investment for home owners as they are far less liquid than condos. With the challenge of finding a “suitable” buyer many co-ops will sit on the market for months or longer when people are unable to meet the financial standards and requirements for acceptance. Many believe co-ops will have to go the way of the dinosaur and a sign this may be true is the fact that all new builds are condos. In fact many of the established co-op owners have opted to sell their properties in exchange for a downtown condo due to the exceptional lifestyle they have to offer New Yorkers. They are following the lead of foreign investors and opting to sell their old money apartments to get out while the going is good. There is also speculation that it is just a matter of time before co-ops are forced to follow in the footsteps of the condo trend. Co-ops are an anomaly found only in NYC and offer an elitist view not suited to global buyers and young up and comers who have new money to spend but whose money is not good enough for old school, old money co-op owners.