Marketproof in the Media: Financial District Glut, Buying Bonanza, Luxury Sales

Marketproof maintains the largest and most up-to-date database anywhere on NYC condos, and our data is helping not only buyers and sellers but also leading journalists reporting NYC real estate news and their readers understand where the market is heading.

Here are a few recent stories that Marketproof’s insights have powered.

Financial District’s housing glut

The Financial District condo market thrives on its proximity to the towers where some of NYC’s most able home buyers work. But as the pandemic disrupted in-person office work, sales slowed and condos piled up, Bloomberg reported.

“That part of Manhattan is very specifically about work,” Marketproof founder and CEO Kael Goodman told Bloomberg. “And if our relationship to work has changed, then things down there are going to change.”

Marketproof data show that the Financial District has more unsold newly developed condos than any other NYC neighborhood — some 1,400.

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Post-COVID buying spree

Developers have had a reason to celebrate in the past couple months. The city has been breaking records for new sales after a year marred by COVID, the New York Times reported.

But for now, it’s still a buyer’s market. Sponsors have been offering major discounts to fuel sales. In particular, buildings built five to 10 years ago targeting big-money, often foreign investors have had to slash prices to cater to local buyers with more modest budgets.

“What was built then is not really appropriate for the buyer of today, because how many billionaires are really out there?” Goodman told the Times. “The type of buyer has changed.”

Luxury freeze begins to thaw

The rising tide of recent NYC condo sales has lifted all boats, including the yachts. The ultra-luxury market has been setting multi-year records along with the rest of the market as buyers target expensive digs with big discounts.

The city is home to some 15,000 unsold new developments units that have started to sell faster in the past two months, often thanks to professional investors, Bloomberg reported.

“The supply needs to get absorbed by professional buyers, financial buyers, and that to me is what 2021 is all about,” Goodman said.

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Photo above courtesy of 25 Park Row.