Compared to last May, before rates started to rise (does anyone still remember those days?!) prices were now down about 11%. Transaction volumes were down 40%. Inventory was up almost 60%.
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With the Hudson Yards development being the
largest planned development in the US in recent times, the project enjoys a warm reception
amongst buyers, especially international investors.
What will the market look like in 2018? The economy is strong as ever, which strengthens the buyer base who is buying to live in NYC. The negative effects of the tax bill, along with higher interest rates, will likely deter some of the buyers on the margin. Who will win this tug of war?
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Aside from being an aesthetic masterpiece, its location just south of the Hudson Yards holds
much appreciation potential.
After a soft October, the NYC real estate market did not show further weakening this month, both in terms of prices and marketing time.
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