Posted by Leonard Steinberg on January 12, 2011

After 2008 showing prospective buyers of luxury property just the floorplans of a condominium with a model kitchen and bathroom virtually ceased. As construction and new projects ground to a halt in New York, the ‘new normal’ was all about showing a completed, furnished (staged) apartment to allow buyers to experience the full impact of the property they were considering.

I seriously doubt any sales would have happened in new buildings without these finished units to showcase, especially in the worst part of the recession.

Now, as the inventory of these new buildings dwindles, new projects will be faced with a new dilemna:  Are buyers ready to look at just a floorplan again to make a substantial purchase? Will buyers, spoiled by lushly furnished apartments have the imagination or will to guess what the finished product will look like? As a re-sale broker I know how buyers often place most of their focus on furniture…..it took years to get them accustomed to looking at the space represented in a floorplan. How long will it take to re-educate them?

We shall only see in the next few months as new projects come to life…..stay tuned.