Why there are few buyers for luxury apartments in New York

If you want to own a luxury home in New York, be ready to spend a destiny. Due to skyrocketing rates, records of luxury businesses in the city are piling up as various buyers are waiting for rates to go down. 

As per the industry reports, approximately 5000 up-market flats in the city have no buyers.

Many of these plush homes cost approximately 10 Crore INR and above. As expected, the value of unsold luxury condos in New York is someplace close to 50,000 Crore INR. You can also click at http://461dean.com/ to get more details about luxury rentals.

There is not much movement happening in the domestic business market in central New York as deals are pretty tepid.

Sale of homes with 4 and 5 bedrooms in areas like Mahalaxmi, Lower Parel, Parel and Prabhadevi is slow due to the skyrocketing prices. 

These units are rated at 10 Crore INR and above, requiring 25,000 to 30,000 INR per square feet. In some posh neighborhoods, units in ready-to-move-in projects are valued at 65,000 to 80,000 INR per square feet.

Small residential units are in high demand

With living units becoming unaffordable for several, clients have now started approaching towards smaller rooms (1 or 2BHK). Seeing this shift in trend, various developers are also decreasing the sizes of the apartments to make each unit affordable for a manhood of clients who belong to middle and upper-middle income group.

Numerous reputed developers are releasing residential projects offering 1 and 2 BHK flats inNew York at affordable rates. They are not only reducing the dimensions of the houses but also delivering down the expense of houses in some areas to eliminate piled up inventory. 

With a lukewarm response to luxury and ultra-luxury apartments, the small unit construction pattern has caught up inNew York. 

Middle-income and upper-middle-income buyers are in for a goody as developers are launching residential projects that fit their demand and budget.

Previously, real property companies preferred constructing homes with large balconies and state-of-the-art amenities. Since rates of those units were remarkably high, it became difficult for developers to sell off the units quickly. Luxury apartments have lots of facilities like their own home theater, gym, swimming pool, game room with billiards and Ping-Pong and much more. 

This led to adding up to inventory. Apparently, there are as many as 1. 69 Lac housing units inNew York's metropolitan regions that continue to be unsold. This number includes 59, 000 unsold models fromNew York.

Rates are increasingly being reduced to boost the sale of housing models, for instance, an average cost of a 2BHK apartment has gone down from 1. 32 Crore in 2014 to 1. 29 Crore in 2015. 

According to the industry reports, the first quarter of 2015 saw the launch of the second highest quantity of residential devices since 2010.