It's Essential
10/26/2015
Are buyers flinching just as new developments hit the market?
WSJ - Ariel Stulberg
With the fall selling season upon them, developers are breaking out the bubbly, hosting swanky parties to spread the word about dozens of new projects.
But will enough buyers be interested?
At Toll Brothers City Living’s 1110 Park Avenue, Zeckendorf’s 520 Park Avenue, and the condo conversions at the Chatsworth and at Ben Shaoul’s 100 Barclay Street, and many others, developers are laying out their wares, hoping to excite brokers, and in turn, buyers.
In Manhattan, 40 new condo developments are coming online this fall with 2,100 units in total, Douglas Elliman Development Marketing told the Wall Street Journal. Brooklyn will see five buildings come on line, with 370 apartments. Three buildings with 181 units will open in Queens.
But even as inventory pours in, buyers show signs of hesitation. Many are showing “classic buyer resistance to high prices,” said Donna Olshan, a broker and author of the Olshan Luxury Market Report.
