I have mentioned this before, but it seems that the Upper East Side has been continuously improving its market and maintaining its 10% increase in sales. Actually, it has been plowing forward with new developments to counteract all the apartments that are being snatched up. Even with that, however, it seems the supply is still not adequate.
Known for being the bastion of wealth and luxury since the 1800s, the Upper East Side is quickly becoming the “go to” place for gorgeous new condos as developers are offsetting the previous downturn and combating the new supply and demand by creating several new towers. One of these new developments is the highly anticipated apartment building at 432 Park, which, quite frankly, is expected to become an icon. Keep in mind, these new developments are not just offensive glassy towers; they are being welcomed as classic New York luxury-style edifices that blend in with much of the neighborhoods landmark buildings.
As reported by Streeteasy, right now the UES properties aren’t staying on the market for very long. The median prices are currently $750,000 for a one-bedroom in an established building and $932,000 for a one-bedroom in a new development.
Properties under $1 million are staying on the market for about three months and showing a 36% increase in signed contracts; those above $6 million are barely staying available for a year.
Still, the definitive factor in all of the current demand for UES property relies heavily on whether or not there is overpricing going on. Buyers are willing to fight for the apple of their eyes, but with the high caliber of savvy buyers, only if they see fair pricing.