Browse Category: Real Estate Sector

A New Revelation Of The Fast Changing Real Estate Market After A Town Residential Analysis of Manhattan Market

New York City has on of the biggest and most expensive real estates markets in the world. Leading this market by offering luxurious real estates is Town Residential. Town Residential is the biggest firm dealing in the luxurious real estate market in New York City. Town Residential for NYC apartments for sale on townrealestate recently conducted a market study on Manhattan to get acquainted with the market trends in the fourth quarter of 2015. As it has been the trend over the past few years, the prices of real estates continued to rise. The analysis revealed that year-over-year average sales price increased by 5.2% to reach a peak price of $1,976,660 while sales in real estate grew by 16 from the previous year $1,150,000. The growth in sales is a good show as it indicates that despite the rise in price, people still had increased interest in real estates in New York City.

The fourth quarter of 2015 saw price per square foot continues to increase to reach a median of 6.2% at $1,365 which is higher than the previous year. Year-over-year prices per square feet averaged at 8.4% at $1,505 from the third quarter. An estimated 20% increase was seen in the fourth quarter of 2015 on a median year-over-year sales price of condos in Manhattan at $1,736,250. The median price per square foot records a rise of 11% from the previous year and 7.6% from the third quarter to stand at $1,606.

Co-ops in Manhattan had a 4.6% rise in price from $ 1,217,017 in the third quarter to $1,272,902 in the fourth quarter of 2015. Year-over-year analysis revealed that the average price of a co-op had a 6.4% rise. The average price per square foot had a 6.3% rise to $1,087 from the previous year and $1,066 from the third quarter of 2015. All sectors of real estate had an increase in price in the fourth quarter of 2015. The median price of a one-bedroom, two bedroom and three-bedroom condos stood at around $1,080,000, $2,056,865 and $4,421,300 in the order of their appearance. The median price of a three-bedroom co-op rose by around 15% from the third quarter to hit above the $3,000,000 mark.

According to Itzy Garay, the Executive Vice President of Sales and Leasing in TOWN Residential, the rise in prices may have been caused by increased demand by customers to own homes in New York. He also speculates that 2016 will have customers with the will and ability to buy real estates in New York but will not go ahead to buy due to high prices.

There Could Be A Potent Combination A Booming Commercial Real Estate Market In New York If They Paired With Town Residential

A recent review of New York City luxury real estate market reports by the website know as the Real Deal revealed some very interesting information about commercial and residential real estate for the burrows of Brooklyn and the expensive burrow of Manhattan. The commercial data for the burrows of Manhattan and Brooklyn were especially interesting in the article which can be found here. There was also some interesting data under the commercial category for New York City in its entirety. There was a 97% jump in the dollar volume from August to September. This can likely be attributed to the the myriad of multifamily sales. The total of multi-family sales totaled approximately $1.7 billion. This is an insane amount of money, which goes to show the growing value of real estate market and its reach in New York.

Office leasing has also been huge business in New York as of late, and the numbers the Real Deal has been reporting on New York City commercial real estate would blow most normal people’s concept of money and expenses into orbit. Almost 22 million square feet of business space was leased during a good portion of the year up until this fall. Manhattan’s vacancy rate was steady at 8.9 percent in quarter 3, and the standard asking rent rose to about $71 for every square foot. It is safe to say retail and other forms of commercial real estate are making a huge comeback in New York City financially.

Town Residential’s real estate management and consultant firms are more than able to help interpret, act as mediators and even handle the sales themselves. The knowledge this firm possesses for both residential and commercial transactions can’t be matched. They take a hand-on approach no matter what pricing structure the client uses in order to ensure satisfaction to all of their clients. The members of the firm who happen to assist in transactions have no equals in the field of real estate transactions, and their knowledge is truly unmatched.

Town Residential has used a winning formula combined with a unique approach used by its expert employees in residential transactions, but they have also learned to adapt and formulate a style for commercial transactions. The formula for the commercial transactions is just as impressive as the firms residential transaction. There has always been a great deal of care give to transaction whether they are commercial or residential.