Half of Projected Condos for Sale in 2015 Were Already Spoken For

Because after crunching the numbers, Halstead found that 3,000 of them have already been sold. "When you account for all of the apartments that are already in contract, you end up with almost half the projected number," Crain's quoted Stephen Kliegerman, an executive at Halstead who oversees the firm’s efforts at marketing and selling newly built condo units.

But this isn't necessarily bad news. In face, there are several positives to consider.

First, even if the number of condos up for grabs is just half of what was originally projected, 3,500 is still an improvement over last year's 2,500 units in 59 buildings.

Second, Kliegerman says that fewer condo units to sell will see prices skyrocket. "Halstead estimates that 52% of new condo listings hitting the market are priced at an average of $2,757 per square foot, nearly 25% over the average $2,215-per-square-foot sale price for newly developed condo units in 2014," Crain's reported. That means, said Kliegerman, that for the first time, half of the condos on the market in Manhattan will have a price tag of $5 million or more.

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