New condominium sales are struggling this year and asking prices are finally beginning to tumble. Though the third quarter is typically the hottest period for apartment sales, the number of deals this year was 30 percent lower than the average third quarters of the past three years.
One of the biggest problems is that luxury developments’ initial asking prices are far too high. This leads potential buyers to either wait until those numbers come down or ask for steep discounts. As sales continue to slide, developers are now offering to cover closing costs or even increasing commissions for brokers who show their buildings.
The Wall Street Journal has more.
Sales volume in the Brooklyn luxury market increased for the second week in a row. 15 contracts totaling $50.2 million were signed last week. This would place the average sales price—split between nine houses, five condos, and one co-op—at approximately $3.3 million. The most expensive deal was for a $6.9 million Brooklyn Heights home at 14 Garden Place.
The Real Deal has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
Jair Bolsonaro, a candidate for President of Brazil whose nostalgia for the military dictatorship that ruled the South American nation from 1964 through 1985 is troubling, received 46 percent of the vote in the country’s presidential election yesterday will now face a run-off election against Fernando Haddad, the Workers’ Party candidate, who received 29 percent of the vote; Meng Hongwei, the chief of Interpol and a Chinese national, has resigned after he was detained in China due to accusations of accepting bribes and other crimes; Bulgarian reporter Viktoria Marinova, who was murdered while investigating allegations of corruption surrounding several European Union-funded projects in her country, is the third journalist to be killed in Europe this year; and Washington Post columnist Jamal Khashoggi, who was last seen entering the Saudi consulate in Istanbul, is still missing. William Nordhuas, a professor at Yale, and Paul Romer, a professor at New York University, both won the 2018 Nobel Memorial Prize in Economic Science for their work on sustainable economic growth. Many investors are betting that oil will surpass $100 per barrel by January, private-equity firms are investing heavily in public infrastructure around the world, Republicans and Democrats polled about the fairness of the U.S. economic system showed that Republicans believe that individuals have a greater control over their financial situation and that Democrats believe that institutional forces beyond the individual’s control play a greater role in determining one's economic situation, President Donald Trump was accused of tax evasion last week and it seems as though the grand majority of America doesn’t really care, and a report from the United Nations says that the world has around a decade to get climate change under control before its effects become irreversible. In local news, the New York City Council passed a bill to restrict street vendors in Flushing, western Queens residents and Willets Point landowners are getting increasing frustrated with the slow pace of development in the area, and congestion pricing is becoming a more popular idea.
Voyager 2 is approaching interstellar space, American teenagers are more obese and addicted to technology and drugs than older Americans, a Florida police officer was arrested for selling drugs out of his cruiser, a Florida man made a street-legal jet ski, a Banksy sold for $1.4 million at auction before falling through a shredder installed beneath the painting’s frame, a band of thieves stole a roof off a church in central England, and a gas station in Florida has put restrictions on the types of liquids one can place in the microwave.