In an Uncertain World, New York City Real Estate Remains a Sure Thing
With stability in the greatest city in the world, low interest rates, great values in certain neighborhoods, New York City has never been a wiser investment.
Amid Brexit, terror, war and a U.S. presidential election unlike any has ever seen, the real estate market remains a beacon of stability. While buying has slowed somewhat, the market as a whole has returned to “normal.”
New development abounds. New wonderful architectural towers with amenities that include pools, spas, pet washing stations and day care and outdoor space are rising all over town.
Real estate in New York City is still at all time high price points, according to Stribling & Associate’s Director of Data Geoff Martell. The report states, “Manhattan prices rose to all time highs mainly due to new development closings. Average prices rose to $2,093,165, up 14% from last year. “
Sales and closings were down. Buyer’s negotiating power rose, with properties on the market longer. Overall in Manhattan, “The number of recorded sales among resale co-ops dropped significantly from 2,081 in Q2 2015 to 1,561in Q2 2016.“
And for Manhattan condo resale, “Resale condo prices decreased across the board year-over-year. Average resale prices dropped by 12% while median prices dropped 5%. Inventory rose approximately 10% from this time last year, with an increase in marketing time from 98 days to 103 days.”
The high-end luxury market, $5 million and above has slowed a bit. Specifically, 78 units were sold in the first six months as compared to 126 units in the first six months of 2015. (More: see report.)
With 6 months to go, it is possible that many of the high-end luxury homes will sell and more than make up for the year difference.
While Brooklyn prices rose, signaling a continued healthy market, sales volume decreased and days on the market increased. More in the report.
As you can see there is lots of opportunities for motivated buyers and sellers in the greatest city of the world. If you need any counsel, advice or an appointment to see the property of dreams, do not hesitate to contact me.