Categorized | Residential

Luxury Housing Market in Manhattan Experiences Increased Demand

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Demand for luxury real estate properties in Manhattan has shot up in recent months. As demand continues to rise, the overall supply has become incredibly limited.

As a result of the limited supply of luxury residential properties, those interested in purchasing one have resorted to contacting current owners in order to find one interested in selling their property. International and wealthy domestic buyers make up the majority of those interested in the luxury market. Many of them are looking to take advantage of reduced prices before the market experiences a positive turnaround.

Sales volume for super-luxury apartments in Manhattan is up by seventeen percent from last year. With over three hundred sales, the market is the strongest its been since the crash. Nearly ten percent of those sales were for residential real estate properties that cost over ten million dollars.

While prices have not yet reached their previous peak levels, they are expected to continue rising to that point in the near future. As the supply continues to decline, more and more buyers are looking to enter the market. That has caused prices to steadily rise at an unprecedented pace.

Despite the declining supply and recent gains in demand, analysts believe that the high-end luxury real estate market will actually experience a slight decline in the upcoming months. The decline will likely be due the change in seasons, and the most recent decline of the United States economy.

Analysts remain overly positive, though, about Manhattan’s luxury residential property market. They believe that the market even with a potential downturn in the fourth quarter, the market will rebound strongly during the next year.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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