New York has always been one of the most exciting and vibrant cities in the world, which is why the luxury real estate market here is so enticing. In recent years the market here has experienced an incredible boom, as it recovered from the economic downturn of 2008. The recovery was then followed by another major boom. Recent numbers would indicate that the boom is continuing, but as a recent article in www.Crainsnewyork.com points out, numbers can be deceiving.
Though the market in New York City real estate appears to be up a whopping 17% from last year, with the median price on properties at $1.1 million, that number may not reflect the reality of what is happening. Some significant development deals closed in 2016, which might make it appear that the market is still hot. Those contracts were likely started over a year ago, when the situation was different, and these numbers pushed the overall numbers up. What we’re actually seeing is that the market is softening here, especially in sales of homes in newly constructed buildings.
Still, the fact is that New York is a dynamic market with many elements. The resale market here, which still accounts for almost 3/4 of the overall market, is doing well.
One of the companies that is thriving here is TOWN Residential. Since its launch in 2010, TOWN has taken off, due to its combination of market knowledge and fine client service. This is a real estate company that knows the real estate market, and that is committed to delivering the very best for its client base.
When its time to get into the luxury real estate market in New York, it’s time to call TOWN.