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July 18, 2008

Condo flipping is alive and well in Manhattan, New York

The condo market in Manhattan New York is alive and well. After some pessimism by many regarding the local markets ability to recover from the 9/11 catastrophe and Real Estate market woes, the numbers have proven the skeptics to be very wrong. Some note able properties that have made some investors a great deal of money include the Plaza, 15 Central Park West, and The Orion New York luxury Condos. The resold units in 15 Central Park West have gained an average of 92% in price, many of them in just a matter of months. The Orion, being a better example of the type of condos that have been recently built in Manhattan has appreciated at a lesser but still significant rate, is reselling at an average increase of 41%.

Confidence in the Manhattan market is evident in a recent press release stating that the largest construction loan in the US this year has just been secured for a Manhattan development. As specific markets continue to weaken, plans to implement a massive 13 acre project along the river in the west 60’s is moving forward without hesitation. The largest tower proposed will be called The Alden and is planned to be built just south of the Rushmore. Rumors indicate that the new tower may be the most luxurious and most expensive yet. Questions among bloggers have been raised as to whether or not the development will sell out before construction is finished but financiers and developer confidence seems to say otherwise. Many of the buyers of property in the area as of recent have been deep pocketed foreigners interested in investing in strong international condo markets. The coming months should prove interesting as this massive undertaking generates interest and attracts investors. Could this be the next Manhattan luxury condo flip opportunity? Only time will tell.


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