{"id":39201,"date":"2016-12-29T18:32:57","date_gmt":"2016-12-29T11:32:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-the-golden-years-of-new-yorks-luxury-market-may-be-over\/"},"modified":"2016-12-29T18:52:13","modified_gmt":"2016-12-29T11:52:13","slug":"why-the-golden-years-of-new-yorks-luxury-market-may-be-over","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-the-golden-years-of-new-yorks-luxury-market-may-be-over\/","title":{"rendered":"Why the golden years of New York\u2019s luxury market may be over"},"content":{"rendered":"


\nStart spreading the news. They\u2019re leaving today
\nThe Times Square Alliance hosted the square\u2019s 110th New Year\u2019s Eve countdown with celebrities, crowds and cold temps. a katz \/ Shutterstock.com
\nIt\u2019s official. As reported in July, New York City\u2019s luxury real estate market is flagging.
\nThe number of contracts signed for New York homes with a minimum price of USD4 million stood at 1,102 this year, an 18 percent decline from 2015, according to a year-end report released this week by Olshan Realty.
\n\u201cThe numbers are higher than 2012, but below the golden years of new condo development (from) 2013-2015,\u201d Donna Olshan, president of Olshan Realty, stated.
\nThe contracts signed this year represented only USD8.938 billion in sales, compared with USD10.738 billion in the previous year.
\nMore: Thai hotel group tapped for this twisted project in New York
\nThe city\u2019s co-ops bore the brunt of disinterest from buyers: a 25 percent decrease in signed contracts that the Olshan report called \u201cthe steepest fall from grace.\u201d Demand spiked instead for New York condominiums, which accounts for 76 percent of contracts signed.
\nThis upheaval signals \u201ca continuing market shift in the luxury market to new condos that offer freedom of ownership, new infrastructure, robust amenities, and some hip architecture,\u201d Olshan explained.
\nBut don\u2019t count Gotham out just yet. Foreign capital is still flowing strongly into NYC properties selling for USD50 million and above, especially from China and South America, according to Philip White, president and CEO of Sotheby\u2019s International Realty.
\n\u201cNew York City remains a save haven for investors and I think that will remain that way,\u201d he said.
\nRead next: New York state of mind: real estate opportunities in the Big Apple
\n
\nSource : property-report.com
\nRead more…Why the golden years of New York\u2019s luxury market may be over<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Start spreading the news. They\u2019re leaving today The Times Square Alliance hosted the square\u2019s 110th...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39201","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ach","jetpack-related-posts":[{"id":39489,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/manhattan-luxury-co-ops-fall-out-of-favour-as-new-condos-beckon\/","url_meta":{"origin":39201,"position":0},"title":"Manhattan luxury co-ops fall out of favour as new condos beckon","date":"January 3, 2017","format":false,"excerpt":"\r The luxury Manhattan co-op, a longtime sign of real estate prestige and exclusivity in New York, may be losing its appeal. Blame a glut of newly built high-end condos. Contracts for co-op apartments priced at US$4 million or more fell 25 percent this year from 2015, as buyers with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":171750,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-wealthy-keep-buying-manhattan-real-estate-despite-potential-pied-a-terre-tax\/","url_meta":{"origin":39201,"position":1},"title":"The wealthy keep buying Manhattan real estate despite potential pied-\u00e0-terre tax","date":"May 11, 2026","format":false,"excerpt":"\r Real estate sales in Manhattan worth $4 million or more increased in the past month, according to Olshan Realty.\r \r Source : cnbc.com\r Read more...The wealthy keep buying Manhattan real estate despite potential pied-\u00e0-terre tax","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":138035,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-sobha-realty-unveils-33-luxury-seahaven-apartments\/","url_meta":{"origin":39201,"position":2},"title":"Dubai\u2019s Sobha Realty unveils 33 luxury SeaHaven apartments","date":"June 25, 2023","format":false,"excerpt":"\r Sky Edition at Sobha Seahaven has Dubai Harbour, Palm Jumeirah and Marina views\r \r Source : arabianbusiness.com\r Read more...Dubai\u2019s Sobha Realty unveils 33 luxury SeaHaven apartments","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/06\/sobha-seahaven-sky-edition-1000x638-1.jpg?fit=1000%2C638&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":157815,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-real-estate-sobha-realty-unveils-ultra-luxury-privy-collection-with-new-hartland-ii-tower\/","url_meta":{"origin":39201,"position":3},"title":"Dubai real estate: Sobha Realty unveils ultra-luxury Privy Collection with new Hartland II tower","date":"July 17, 2025","format":false,"excerpt":"\r The launch introduces The S at Sobha Hartland II, a tower that serves as the final and tallest structure within the Sobha Hartland II masterplan\r \r Source : arabianbusiness.com\r Read more...Dubai real estate: Sobha Realty unveils ultra-luxury Privy Collection with new Hartland II tower","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/07\/The-S-at-Sobha-Hartland-II-1-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":104229,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gap-to-transfer-its-property-agents-to-propnex-realty\/","url_meta":{"origin":39201,"position":4},"title":"GAP to transfer its property agents to PropNex Realty","date":"February 21, 2019","format":false,"excerpt":"\r PropNex further strengthens its position as Singapore\u2019s largest listed real estate agency with over 7,500 salespersons. Global Alliance Property (GAP), which operates under the Century 21 franchise, has signed a strategic collaboration with PropNex Realty, whereby GAP\u2019s property agents will be transferred to the latter. With the transfer of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51763,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sotheby-intl-realty-makes-a-push-into-asia-starting-with-singapore\/","url_meta":{"origin":39201,"position":5},"title":"Sotheby Intl Realty makes a push into Asia, starting with Singapore","date":"April 13, 2017","format":false,"excerpt":"\r Singapore's luxury property market is attracting a different set of buyers, says Michael Valdes from Sotheby's International Realty.\r \r Source : cnbc.com\r Read more...Sotheby Intl Realty makes a push into Asia, starting with Singapore","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39201"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=39201"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39201\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=39201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=39201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=39201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}