No matter where we are in the cycle of real estate’s ups and downs, it’s appropriate to consider where we’ve been, evaluate where we are and think about where we are going. This year nearly every industry event I attended focused on the market’s upper end, a subject that has captured the most press recently. Last week’s Annual NYC Real Estate Showcase + Forum hosted by The Real Deal opened with the question “What’s Ahead For Luxury?”
Construction cranes are everywhere in this city, and new development business is booming. According to The Real Deal, by the end of 2005, more than 9,000 new condominium units will have come on the market this year. To put that number into perspective, only 1,300 new condo apartments were offered in 2000; 2,200 units were added in 2001; 2,900 in 2002; 3,000 in 2003; and 4,800 last year. With the high number of new projects complete with amenities packages not found in older products, buying opportunities and choices abound. However, caveat emptor—buyer beware—was never more important than when buying new construction.