Platinum Condo Market Report June/July 2015
When we look at the Manhattan condominium market, you can't help but see all of the new construction condominium developments. A lot of the headlines are driven by the high price points that some of these buildings are achieving. We also look at the amount of new inventory coming on the market and how that affects the pre-existing re-sale market condominiums, like the Platinum Condominium.
We see near 1000+ units of new apartment product that is in various degrees of coming on the market in the Midtown West/Hells Kitchen neighborhood. This creates a scenario where buyers typically look at these new buildings first before they go to the resale market. At Platinum Condominium, strong prices are being achieved, however there is typically multiple apartments on the market at the same time with some price reductions taking place because of the increase in competition in the building and in the neighborhood.
Given this information are you wondering what your Platinum Condominium is worth? If you are interested in a more detailed analysis of your apartment, contact us for a no obligation discussion.
Call or text us at (917) 837-8869, we can also be reached via email at Morgan.Evans@Elliman.com