Information to Know About Before Buying Luxury Real Estate in NYC

The city of New York is one of the most sought after locations for buying NYC Apartments for sale. Properties are not on the market long, so whenever someone is looking for a property and they see something they like, they need to move in as quickly as possible. In the world of luxury real estate, it attracts specific buyers to different locations. Each individual is going to have specific requirements for their particular property, which is why it is necessary for an individual to be able to find what they are looking for and to go after a property that works for their particular needs. Town Residential is able to do everything in their power to make this work and to do whatever they can to make sure a luxury property buyer is connected to the right properties. Before they head out to look at different properties though, there are a few different sales numbers they need to take into consideration.

Luxury real estate is booming in New York City right now. The value of these properties continues to go up month to month, little by little. In November, the Manhattan absorption rate fell ever so slightly to 4.1 months, with Midtown East and Midtown showing the sharpest declines in these yearly rates.

When looking at luxury real estate and new developments throughout the city, many outsiders tend to look towards Manhattan and the different neighborhoods around it. However, other neighborhoods like Brooklyn have increased in sales as well. In November, half of the new development properties sold, which is leaving just 550 different apartments left. These are expected to go quickly as well.

High-end luxury condos are moving fast in the city of New York. For properties that are priced at $4 million or more, 70 contracts were signed during just the first half of November. This makes the highest start to November in nine years. Many people like to move right before the holidays and have a fresh start and take in the holiday season in their new home. So, it is expected these numbers are likely to continue.

In terms of general housing sales, this continues to explode as well. The September multifamily sales hit $1.7 billion for just the month, which is a 97 percent increase over August. Again, many individuals like to move at this time of year as the temp is comfortable to move in and it offers new potential for the holidays.

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