Visiting apartments with buyers, she added, "The spaces that I see being attracted to and wanting to evolve have a very calm and very calming design with natural elements."
Respond to a market glut
There are many factors driving the transition to a simpler design. Trends are always cyclical and we may be entering a time when minimalist, low-key details are once again our top priority. The pandemic has changed shoppers' priorities, and interiors with familiar design details can be comforting, which may make them more desirable.
Another important consideration is a massive oversupply of apartments with stratospheric prices. "The challenge was to get the redevelopment in this go-go phase, which peaked around 2014 and 2015, to focus on super luxury, convenience wars, materials and uniqueness," said Jonathan Miller of reviewer Miller Samuel, who said "Super Luxury "defined homes that cost more than $ 5 million. "And now you are in a market where north of $ 2 million is disproportionately soft in terms of activity than under $ 2 million."
By late 2020, Miller estimates there will be 8,700 unsold new development condos in Manhattan that will take approximately 8.7 years to sell out. "In a balanced market, a sell-off of two to three years can be expected," he said.
One way developers can thrive in such a market is to "create a product that has been sorely missed," he said, including homes at slightly more accessible prices. "I call it" shelter for mere mortals, "" Miller said.
If developers want to keep prices down, there is less money to spend on facing stones, bespoke bronze fittings and Gaggenau steam ovens. However, this could be perfectly acceptable to many of today's buyers.
"Who isn't afraid? Who doesn't wonder what's next and what's going to happen in the world?" Asked Ms. Parker. "To have these places that feel like a big hug and feel calm – I knew New Yorkers needed that."
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