Average sales size patterns for these two size sales categories split sharply three years ago.
On the last day of 2015 I was invited to guest host for the 6am hour on Bloomberg TV’s Surveillance with Mike McKee, Vonnie Quinn & Erik Schatzker. I was paired with Michael Holland, Chairman at Holland & Co. I’ve never met him before but really enjoyed his insights on the stock market.
The first segment was largely stock market talk which was out of my bailiwick but in the second segment I got to articulate my views on the New York City super luxury market. Today’s Max Frankel New York Times editorial was brought up – “Make Them Pay For Views” – which I thought was a ridiculous premise – despite the legendary author.
And a second segment talking about professional services used for acquiring assets.
Gotta go. The Spartans are playing in the Cotton Bowl now.
I’ll let this soak in.
New development sales are significantly detached from the balance of the market. I selected average sales price to exaggerate the trend to make my point.
After separating new development data from existing sales from our 1Q14 Manhattan sales report, the high end new development product that is beginning to close now and pushing overall prices to record levels.