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[quote=Anonymous]No one wants to buy at the listed prices. Sellers believe that if they just wait a little longer, demand will catch up and they will get more money.

As a result:

"One in Four of New York’s New Luxury Apartments Is Unsold
A quarter of the new condos built since 2013 in New York City have not yet found buyers, according to a new analysis of closed sales."

https://www.nytimes.com/2019/09/13/realestate/new-development-new-york.html

Picture an empty apartment — there are thousands in Manhattan’s new towers — and fill it with the city’s chattiest real estate developers. How do you quiet the room?

Ask about their sales.

Among the more than 16,200 condo units across 682 new buildings completed in New York City since 2013, one in four remain unsold, or roughly 4,100 apartments — most of them in luxury buildings, according to a new analysis by the listing website StreetEasy.

“I think we’re being really conservative,” said Grant Long, the website’s senior economist, noting that the study looked specifically at ground-up new construction that has begun to close contracts. Sales in buildings converted to condos, a relatively small segment, were not counted, because they are harder to reliably track. And there are thousands more units in under-construction buildings that have not begun closings but suffer from the same market dynamics.

Projects have not stalled as they did in the post-recession market of 2008, and new buildings are still on the rise, but there are signs that some developers are nearing a turning point. Already the prices at several new towers have been reduced, either directly or through concessions like waived common charges and transfer taxes, and some may soon be forced to cut deeper. Tactics from past cycles could also be making a comeback: bulk sales of unsold units to investors, condos converting to rentals en masse, and multimillion-dollar “rent-to-own” options for sprawling apartments — a four-bedroom, yours for just $22,500 a month.[/quote]

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