New York City’s top developers are becoming all too aware of a slowdown on the top end of the real estate market. Though there are no forecasts projecting an imminent crash, some high-profile builders say they’re seeing the velocity of sales in high-end buildings start to wane amid increased competition in the luxury segment of the market.
“My personal view is that, in this cycle, we have passed the top,” said Miki Naftali of the Naftali Group, speaking Wednesday at a summit hosted by the magazine Haute Living. “For those who think that it will continue to go up – that if they have something that is selling for $3,000 a foot today, it will sell for $4,000 a foot tomorrow or a year or two years from now – I don’t see that happening. There is definitely a slowdown in the velocity of deals.”
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