Each year, many people decide to move to New York City. New York is one of world’s largest cities and one of the most desired. People from around the world want to live here because they know that doing so enables them to enjoy easy access to many kinds of important amenities and other important activities as well as the opportunity to take a job in the region. Those at TOWN Residential Real Estate have observed the market closely, especially the upper end of the market where they are happy to help buyers find the right property for them.
In the recent report, The Aggregate, staffers at TOWN talk to buyers and sellers alike about the residential real estate market in this part of the world. The report is released every quarter in an effort to help assess the local real estate market and provide guidance to buyers and sellers alike. Both parties will find that the market here in the last quarter of the previous year has seen a jump in prices in all categories of real estate in Manhattan. Buyers will find that any apartment they wish to purchase will be one where prices have started to rise in recent years. This trend of rising prices has continued into the final quarter of the previous year.
As staffers report, prices for the high end of the market continued to rise as buyers sought specific apartments including those at the very top end. Here, a three or four bedroom apartment or condo could easily cost the buyer well into the six figures. However, buyers are prepared to pay such prices because they know the value of a NYC apartment for rent and want to live here in luxury. Sellers were pleased to note this trend as it allowed many sellers to easily sell the property they own for the highest possible price. The result of this last quarter has been many buyers looking for properties in many parts of Manhattan and finding that such apartments exist if they are willing to pay the price the buyer is asking for the space.