Listing inventory was up 8.2% year over year in the second quarter of 2019, according to Douglas Elliman's Manhattan Sales Report for that time period.
Online PR News – 05-December-2019 – New York, NY – The developments launching this fall, from Manhattan to Queens, are filled with unique amenities and modern designs From Harlem to Downtown Brooklyn, a new crop of condominiums is coming to New York City this fall. And whether buyers are looking for something classic or cutting edge, they are spoiled for choice.
Listing inventory was up 8.2% year over year in the second quarter of 2019, according to Douglas Elliman's Manhattan Sales Report for that time period. That represents the seventh quarter of increases, and is almost 19% higher than the 10-year quarterly average at the Symon.
However, sales of new developments were up 56.5% in the second quarter, the Elliman report found. But much of that activity was in advance of New York's increased mansion tax, which went into effect July 1. Once a flat 1% fee on all residential sales over $1 million, it's now a progressive tax that starts at 1.25% for homes between $2 million and $3 million and goes up to 3.9% on those $25 million or more.
The median price for luxury real estate was $6.15 million, up 5.1% in the second quarter compared to the first quarter, according to the report. At the same time, the median price for new development slipped 15.6% to $2.45 million compared to the first quarter at the Symon.
In such a crowded market, developers are coming up with unique amenities like soundproof rehearsal space, curated fitness centers and teahouse-inspired pavillions to stand out. And projects are going up all around the city, with new luxury options reaching as far as Flushing, Queens. Here, Mansion Global takes a look at a few new projects set to launch sales this fall.