- 1 year ago
New York City's luxury real estate market cooled considerably in 2016, with the number of high-end sales down 18 percent.
Experts blamed co-ops for the decline, as demand has shifted to condos instead. But even still, the "golden years" of new condo construction have passed.
A total of 1,102 properties had contracts signed for $4 million or more this year, down sharply from 2013-2015 but still higher than 2012, before the condo boom started.
Many predict that 2017 will be a game changer for the real estate industry in 2017, but just how will it play out?