TOWN Residential’s Final 2015 Quarter Review of Manhattan’s Real Estate Market in Summary

The reputable New York based real estate brokerage TOWN Residential released their residential market report for the fourth quarter of 2015 for NYC apartments for sale. Titled The Aggregate, their report indicates that prices in Manhattan are maintaining record highs and have risen since the previous year.

Since last year average sale prices in Manhattan saw a 5.2% increase, averages now reaching $1,976,660. Median sale price growth climbed 16% in the same period to $1,150,000. Since 2014 price per square foot also rose, median trends showing a 6.2% increase to $1,365. Average prices per square foot showed an 8.4% increase since the previous quarter to a record $1,505.

Manhattan condos saw the greatest annual increase, median sale prices measuring at $1,736,250 after a 20% increase. In this area median prices per square foot rose 11% to $1,606, prices being 7.6% higher since the third quarter of 2015.

Average prices for Manhattan co-ops rose 4.6% to $1,272,902. On a year-over-year basis average co-op prices increased by 6.4%. Average price per square foot trends measured to $1,087, prices climbing by 6.3% since 2014.

All segments in the properties by size category saw an increase. The median price for a one bedroom condo was calculated at $1,080,000, two bedrooms valued at $2,056,865, and three bedrooms were $4,421,300. In addition, three-plus bedroom cooperatives surpassed $3,000,000 after the median price for them increased 15% since the previous quarter.

The founder of TOWN Residential, Andrew Heiberger, states that the rise in Manhattan prices is mostly the result of trophy listings within new developments that were closed with the end of the quarter. Andrew adds that sellers have been adapting to price trends well enough that they circumvented a downshift during the late-summer to early-fall soft patch.

Wendy Maitland, President of Sales for the firm, states that the year-over-year gains have been influenced by the record prices seen in market-wide square footage. However, after assessing what is available for Manhattan buyers Wendy predicts that 2016 will be a more balanced year with opportunities for them. Itzy Garay, Executive Vice President of Sales and Leasing, adds that buyers are keeping themselves informed and have become more economic as the quarter displays a sharp rise in median days on the market for listings.

The Aggregate acquired this information after review of residential sale transactions over distinct asset classes between October and December 2015. It compares transaction values with quarterly and year-over values and provides details on trends and the market. Further information is inferred from the rolling sales data of the Manhattan market in coordination with the live ACRIS feed that the New York City Department of Finance provides.

TOWN Real Estate Thrives

The Big Apple has always presented a certain type of allure to visitors. Many people that are coming here to visit are coming back to stay. This city provides a scenery that is fueled by a backdrop of entertainment with bright lights, fancy restaurants and a mirage of premium properties. Real estate companies like TOWN Reality are getting a lot of customers that are interested in renting and buying properties in this area.

It is evident that areas like Manhattan have a lot of luxury condos for people to consider. This is part of the attraction of the NYC upscale areas. TOWN Real Estate has become a dominant player in this industry by providing some top dollar residential properties that customers are really falling for. TOWN Real Estate is among the top companies in the real estate companies in the New York area. This is a company that is known for selling luxury homes.

TOWN Real Estate has a lot of different properties that the wealthy are interested in. It has become the spot for realtors that are interested in selling luxury homes. There are a lot of condos to sell, along with brownstones and a variety of upscale apartments.

There are many people that are interested in moving to New York because it is an area that is easy to get around in. Many people that choose to move to the city do not even buy cars because they don’t need vehicles. They take the various means of transportation and others may even decide to book through different neighborhoods. The variety of activity and the ability to get around the city, whether by taxi or train, has made New York one of the hottest spots for young crowds. There are a lot of wealthy older people that are buying the multi-million dollar condos, but there is also room for a lot of the young executives that are working on Wall Street.

Many people decide to come to you New York and because it is the city that never sleeps. There is always something to do and somewhere to go when a person moves to this city. What TOWN Real Estate has done is make it easier for those that are interested in living in New York City life. This company provides some of the best possible properties for those that can afford to live in the Big Apple.