Real estate
New York luxury real estate: “A Dent, but still no Crash”
Slips of the high-priced New York market for real estate in a crisis? Reports of Oversupply, Verlustgeschäften and money laundering to make the round. But still seems to be the market to be stable.
Even the Name, the obvious on the gated entrance is emblazoned emphasizes the claim: “One57” will be number One on the fine 57sten road, also known as “billionaire row”. It is the only Luxusimmobilie, in whose swimming pool you live concerts from the neighbouring Carnegie Hall can hear. Since last year, with the Penthouse of the building for the first time, an Apartment in the city for more than $ 100 million was sold, is One57 is the symbol for the seemingly unstoppable Boom in New York real estate market.
But since some weeks there is growing scepticism in front of an Oversupply in the market of High-End luxury apartments to warn. Gabriele Devlin confirmed that. The Broker Sotheby’s with the sale of 40F busy, one of the 92 Apartments at the One57. Also, you currently sees too many homes on the market. The have a “Preisdelle” led, but still not a “Crash”. Yet the experienced Immobilienexpertin not exclude, that the Whole to a crisis in the New York real estate market developed. The fluctuating stock prices of the Jahresanfangs and the
Slowdown of the Chinese economy made a prediction difficult.
Market will be more difficult
Maximum prices will be in New York, no longer as a matter of course. Now we read even of Verlustgeschäften. Just a few months ago, we have Millionenobjekte within a few weeks, sometimes days to sell, says Devlin, and looks out the floor-to-ceiling Windows of the spacious living room on Central Park. But now is “not the time” for quick speculative transactions.
Directly on Central Park: The new luxury high-rise One57
The F40 belongs to an American family from the neighboring Long Island, which is also still a “very nice Home” in Brooklyn have told Devlin. In 2014, they have 9.5 million dollars for the Apartment, paid, now if she wanted to 12.5 million. If you draw the purchase and Commission into consideration, it is not too much, but a “fair price,” said Devlin.
Prime real estate would still be on the market, she stresses, and shows over to the still newly constructed, as the object 220 Central Park South, where 50 percent of the homes sold had been, even before the Marketing started. Unlike it is with real estate “from the second row,” he says.
Excessive Demands
Pamela Liebman, President of Corcoran Group, wants Marktproblemen, however, know nothing. “Overall, prices are rising and we are experiencing an all-time high,” she says in her office on Madison Avenue, and refers to the last quarterly report, the Corcoran Group, of the evidence. But precisely because of this need of the market is now a “breather”.
Liebman also know that every positive cycle at some point comes to an end – but as far as, work was not. Newspaper article, the loss-making business cited, would only cases of appeal in which the seller had tried, “in anticipation of the ever increasing market” demand too much. Those who have a “realistic” price for his Apartment wool, get him, Liebman confident.
Bad Prospects
But is undoubtedly pulling in the horizon dark clouds. By a Surplus of supply and exorbitant asking prices was already the speech. In addition, the U.S. Federal Reserve Bank monetary policy pursued in the medium term, interest rates rise. In addition, a strong Dollar, the New York market for foreigners is even more expensive. The
fallen Oil prices and the stock market turmoil in China like some of the magnates from the Middle East and the middle Kingdom to hesitate, especially now, in Super-luxury New York real estate to invest in.
Always new buildings to reinforce the price pressure
Liebman points out that the luxury segment very narrow and not more than one percent of the market, making up, in some months alone in Manhattan for up to 5000 objects. In addition, there in the less luxurious homes are a “large backlog”. Therefore, going to the market despite all the challenges remain “level”.
The right also include Tony Sargent, a broker of the Core group. New York had again and again by crises to recover, ” he says, and says that even after the terrorist attack of 11. September 2001 and the rapid fall in price soon goes up again had gone. “So far, the value of the real estate within ten years doubled, or even tripled,” he says. So will New York continue to be attractive for international investors.
The US government has pursued money-laundering
But it is precisely this group, no one can say exactly how many people belong to her, should now by the U.S. Treasury in a six-month pilot project under the microscope. It wants, above all, the anonymous participants paying cash on the grain. There was the risk that “transnational Criminals” in the real estate market is abused to “dirty money” to invest, it says.
This could be a “threat” for the luxury market, analyzed the New York Times, the the government with a whole series of articles about Russian oligarchs, suspicious Strohfirmen and money laundering in a tight spot.
Is Manhattan a huge Geldwasch system?
It is not surprising that none of the DW interviewed a real estate agent says, he would ever have with a case of money laundering had to be done. Popularly known as Strohfirmen-mentioned Limited Liability Companies were legally served to the most prominent buyer name to keep secret, they say unanimously. This is legitimate.
As long as through the now-enforced disclosure to the purchaser, no name to the public would, “the business will not suffer damage,” according to Pamela Liebman. Also Tony Sargent sees no permanent injury to the market. “Foreign buyers will have a while hesitate and then but continue to invest”, he’s sure. Gabriele Devline of Sothebyes refers to the fact that New York, contrary to all assumptions, especially the market for American customers. She does not believe that one of their long-term clients in one of your brokered business to be money laundered. “Just can not know.”