New York City has yet to become victim to the slowing market and mortgage crisis. New York condos are still selling like hot cakes at ALL price levels. Foreign investors are still pouring money into this market and values are holding strong as are absorption rates. It is a very interesting market to discuss as it seems so far to be invincible to the surrounding market conditions. It seems the only thing that could touch the New York condo market is a drastic shift in the employment rate in the financial industry. We'll see!
Some of the NCO team is heading back to NY again in a couple weeks to have interviews with TheStreet.com, Inc.com/Inc. Magazine, WSJ, and GQ believe it or not. We are meeting at the Visionaire in Battery Park for a photo shoot and to discuss the progress of the project.
Since we generally look at real estate cycles on both local and national scales, especially in the housing industry, everyone seems to have their eye on New York right now. The city is thriving regardless of exorbitant living costs and steep real estate prices. New York probably has more construction permits issued for new condo developments than any other city right now (that's just a guess).
It will be interesting to see what happens in the condo market in New York over the next year or so...
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