NYC Real Estate Continues Growth Streak in The Aggregate Year-End Report

A top NYC luxury real estate on townrealestate services company in New York, Town residential, has released its report of the residential market trends for the last quarter of 2015, reports Visual Strategy Marketing. The Aggregate is an intensive quarterly study of sale transactions within residential areas across distinct asset classes in New York. It focuses on establishing current market trends and providing insights into market conditions by a comprehensive comparison of transaction values over quarters and previous years.

In The Aggregate’s most recent report of 2015’s last quarter, a continued increase in the price action in Manhattan has been reported, with the price per square foot reaching $1,505. This is an 8.4% increase over the previous quarter’s rate, and overall 6.2% higher than it was a year ago. Sales of Manhattan condos have also contributed to this growth streak with a 20% increase at $1,736,250, while median price per square foot rose to $1,606, making it 11% more than last year. Average pricing of Manhattan co-ops also experienced an increase of 4.6% from the previous quarter at $1,272,902, streamlining with the estimated year-by-year growth rate.

The report showed a hike in price trends of properties of all sizes during the fourth quarter of 2015. The market-wide price of a one bedroom condo has reached $1,080,000, while a three bedroom condo stood at $4,421,300. The latter observed an increase of 15% since the last quarter after it surpassed $3,000,000 in December. While the summer to fall period had been a “soft patch” for the resale market, stabilization is being seen as sellers are opening up to adjusting their peak level price expectations compared to the beginning quarters. This strategy has significantly minimized the effect of this rough patch and saved it from snowballing into a systematic downshift.

The inventory as of December 30th suggests a healthier, more balanced market with equal distribution of 7,963 units for sale in New York City into condos, coops and townhouses. Manhattan saw equitable distribution of units too, with 2,100 of 4,326 units under $2 million, 1,132 units between $2-5 million and the rest falling into the $5-10 million bracket, ensuring more balanced opportunities for willing buyers in the market.

The findings of the report have observed a power shift towards the buyer and a cost-conscious approach befitting them. Availability of hands-on information has resulted in buyers willing to invest on their own terms, no longer at the mercy of fluctuating sale prices in the market.

Central Park South Will Become The New Park Avenue According To Real Estate Brokers

A Park Avenue address has always been a ticket to the finer things that New York City has to offer. Doctors, lawyers, business people and trust fund babies have always been attracted to Park Ave because those two words mean money in New York City. But the City is changing. New York in going through a real estate metamorphosis and the world is watching as well as participating.

The real estate market in New York City is undoubtedly the hottest market in the world. Brokers at Town Residential, one of the most successful real estate companies in the city, say that every section of the city has apartments, condos and townhouses for sale that are listed for more than $2 million. In fact, in some area, a $2 million price does buy much. Town Residential has listings all over the city, and the most expensive listings are in the Central Park South area.

Anyone familiar with New York knows Central Park South. It’s the area where Central Park spills into the city at 59th Street. It’s the area where horse carriages rest before a trip through the park, and where tourists stay if they are able to spend the money that the elite hotels in the area demand. But something new is happening around Central Park South. Developers are building mega-million dollar triplexes and apartments.

Central Park South is attracting the likes of multi-billionaire Ken Griffin and foreigners that are capable of spending more than $50 million for a place to live. Town Resident agents say the area will have more mega-mansions that any other area of the city in the next five years.

But it is not just Central Park South that has sent real estate prices into the stratosphere. Town Residential brokers that have listings in the SOHO, the village and lower Park Avenue say the extraordinary amount of wealthy buyers in the market is driving prices up in every part of New York. Even Brooklyn has become a hot spot and an expensive one.

The New York Times recently ran an article about the New York City real estate market. In that article, brokers around the city commented on the demand that is not only coming from people around the United States but also from cash-rich foreigners that yearn for a home in the city that doesn’t sleep. Nothing like living in a city where everyone in the world wants to be a part of it.