With a rise in the prices of NYC luxury real estate in the 4th quarter of 2015, there seems to be a level of confidence that hasn’t been in the New York real estate market for many years. The vacancy levels were a small distraction from this rise in real estate prices, but not enough to deter from the major factor of rising prices.
The average price for real estate in New York City right now is 2 million dollars. This was a 5.2 percent rise from 2014 Q4 prices. These patterns show healthy growth in the New York real estate market. Individuals are willing to pay top dollar to live in a city that gives them the work and living opportunities they are looking for. Price per square foot is also up at just over 1,500 dollars. There are many different factors contributing into this, but a bit part of that price jump is that vacancy levels are continuing to drop in the New York area.
This is a reason why the median prices have been rising. There has also been a shift in the economic pricing of the resale market. Sellers who are looking to move their home at a market friendly price has been able to follow this upward trend. This is moving the whole market towards new record highs.
The New York Times recently ran a story that is probably something real estate investors are very happy about. The price for real estate in New York is continuing to climb higher. The hot real estate areas are next to Central Park, Manhattan, and Brooklyn. Old records were shattered and new records were set in sales. Real estate professionals agree that this was a record year for real estate sales in New York. Even Brooklyn sales were off the charts. Now, the area is a highly sought after address for a business and a residence.
Real Estate Future Looks Bright
Indeed, the market for real estate is booming in New York City aparments for sale. Furthermore, the search for luxury property is also on the rise. The fact is that the wealth is out there to buy those high rise penthouses or luxury commercial buildings. The good news is that the inventory is out there to satisfy those eager buyers. Sales are all over the place. However, there was significant growth with condominium sales. A lot of the buyers were also foreigners. For example, China is one country that has an eye on a lot of the real estate in New York City’s finest luxury condominiums and other properties.
About Town Residential
How do you find the best luxury properties in New York City. Well, the obvious choice is to work with Town Residential. They are one of the leading Luxury Real Estate Firms in the city. The firm was started back in 2010 by CEO and founder Andrew Heiberger. The firm is co-chaired by Joseph Sitt.
They have risen to the top of the real estate market and attracted numerous clients looking for high end properties. Their knowledge and grasp of what the client wants has made them stand out in the real estate market.