Depending on who you ask, the real estate market in New York City may be very hot or simply lukewarm. It is common for homebuyers to have a difficult time finding the perfect apartment or condo based on location, price and personal preferences. However, builders and developers depend on the market continuously being driven by buyers willing to pay top dollar for top locations and amenities.
With so many builders competing for a relatively small market of buyers, there may be lulls that top properties on the market longer than expected. According to a recent businessinsder.com report, the city's high end real estate market is looking “particularly sluggish.”
The assessment comes as part of the Federal Reserve's latest Beige Book, which contains a number of anecdotal findings about the overall health of the nation's economy. For the most part, the Fed found that the economy has improved, but the growth of high end real estate has not necessarily followed this trend. Additionally, co-op and condo sales have slowed since the beginning of the year.
The story suggests that there may be a glut in the number of luxury apartments and condos, and not enough buyers for them. These are the primary factors in a buyer's market. In these conditions, the guidance of an experienced real estate attorney can be very helpful. A skilled lawyer understands where the hurdles lie in a real estate transaction and can help you avoid them; as well as costly, time-consuming litigation that can arise from a dispute.