In the last seven years, it is estimated that the NYC luxury real estate industry in Manhattan area, New York recorded an all-time high. This is one of the fastest growths ever recited. For people looking to buy homes, then one in five of the homes in the market can be classified as luxury, and, therefore, this has made the prices soar. The city has high demand from the multinationals and locals and therefore, the competition makes the prices shoot up.
Rental prices shoot up
The rental prices around Manhattan shot by an average of 10.7%, hitting $3339 for a single bedroom unit. In Brooklyn, there was a steady rise of rental charges averaging 1.5%. Today, the amount of rental charges is at its peak. This has impacted negatively on affordable homes. Brooklyn and Manhattan has seen a rise in rental charges. And for this fact, many residents of New York must find an alternative cheaper area to live in, especially in East and South Brooklyn, or the 110th street to cut on the high rental charges.
To those who bought homes in Manhattan, they also encountered high charges in resale. On average, the price for buying a home shot to 6.3% reaching $982958 from 2014. When compared to Brooklyn where prices shot to 9% above the ordinary rates and peaked at $545139. Real estate experts estimate that in the coming months, the price in Manhattan and Brooklyn is expected to rise again.
By the start of this year, there was a mixed reaction as selling prices fell up to the third quarter. This was an indication of a big trend upward.
In general, the real estate industry in New York feels by 4.5% in the middle quarter. However, this should not worry the industry players.
Real Estate firms
When a person wants to buy, rent of purchase any property, they have to get the expert advice in New York. For New York residents, they need the services of Town Residential Real Estate Company. Town Residential Company has several listings for sale, to rent, has open and virtual open houses to give clients the best deals.
The real estate firm advises clients on the sales and leasing arrangement. Whenever you are looking for any real estate deal, all you need is to get in touch with Town Residential real estate representatives to get the information that will suit your needs. Town Residential will also do the marketing on behalf of clients. To those who want to develop their real estate, the firm is the best to choose as they have the experience of doing so in New York.