New york city’s luxury property market is in correction

Real estate sales in Manhattan plunged 25 percent in the first quarter compared to a year back, as the new federal tax law, stock market swings and an excess of high-end condos alarmed buyers.

a half– a 50 percent jump over last year.Miller stated that the main issue at the upper-end of the marketplace is asking prices. Lots of sellers have yet to reduce their costs in

keeping with the tax law changes and basic slowdown considering that 2014.”The next number of years will be everything about cost discovery, “he said.As more supply enters into the market, with numerous brand-new condo towers going up this year and

next, the overhang could become worse prior to it gets much better.

“I think the decline will continue, however I think the rate of decline won’t be as quickly as the very first quarter, “he said.

Michael Nagle|Bloomberg|Getty Images Visitors attend a swimming pool party in the penthouse apartment at the 50 United Nations Plaza building in New york city. About 3,574 freshly constructed houses will reach the marketplace in 2016, inning accordance with brokerage Corcoran Sunshine Marketing Group.