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Expert: Billionaire's Row Is Doomed
April 13, 2016
Image: Wikipedia
Billionaire’s Row is way too overbuilt and prices are too high, says NYC real estate expert Dolly Lenz.
Lenz is the CEO of her eponymous luxury real estate firm and has sold over $8.5B worth of properties over her career, she says Billionaire’s Row is doomed.
“There’s too much product,” Lenz says, also saying confidence is starting to wane due to overly high prices and worries about the economy, all going on at the same time as the hectic election season, CNBC reports.
She says NYC real estate growth will be flat in areas where there is normal demand, but growth will decline in areas like Billionaire’s Row, ominously predicting many luxury units simply won't sell in this environment. [CNBC]
