Tag Archive | "Manhattan"

Luxury Housing Market in Manhattan Experiences Increased Demand

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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West Side Neighborhoods in Manhattan Growing Popular Amongst Global Elite

Condominiums on Manhattan’s West Side continue to be a top option for the nation’s and world’s most wealthy homebuyers. Some of the condominiums being sold are going for more than ten million dollars. Overall sales of such condominiums has increased seventeen percent in the last year, and looks to continue growing in 2012.

The West Side apartments, predominantly in areas such as the West Village and Tribeca, have become a popular choice for international investors from around the world, those from Eastern Europe, Latin America, and Asia. Units closest to Central Park have been the most popular, and thus, have command the highest price tag.

Not only have sale prices of high-end apartments and condominiums increased, but so, too, have rents of such apartments. Rents are up as much as five percent from last year.

The increase in desirability and prices has led to apartments just outside the West Village and Tribeca to grow substantially as well. Both the financial district, and the Upper West Side have seen strong growth.

While New York City has always been a melting pot of residents and businesses, the most recent influx of tenants may work to change the face of Manhattan. The financial district has started to see media companies and others outside the financial industry setting up shop in the district. Some property developers and analysts believe that the financial district may soon lose its name in the next decade as it diversifies with its new tenants.

The growth in Manhattan’s West Side is definitely welcome, as it has bucked the trend of poor real estate performance that continues to plague the rest of the nation.

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Home Prices Increase in Manhattan Due To Foreign Demand

Prime residential real estate markets in the United States continue to reap the benefits of foreign buyers. Manhattan is the latest prime city to experience a housing price increase, as foreign demand in the city continues to rise. Prices in the city have improved three percent since the last quarter.

The average selling price of a condo in Manhattan is now at around one and a half million dollars. According to data collected from real estate agents, roughly thirty-five percent of those that purchased a new home or condo in Manhattan were foreign buyers. The trend is expected to continue, as international investors look to capitalize off the weakened state of the United States dollar.

Miami has experienced similar growth due to foreign investment. Foreign buyers are purchasing homes of all sizes, ranging from one-bedroom condos to mega mansions in the prime cities. The foreign investors buying homes in New York are mostly coming from Europe, Russia, and South America.

With lending standards becoming more stringent daily, many sellers are welcoming foreign investors with open arms. Many foreign buyers are purchasing homes in cash, which makes it possible to expedite each sale. Because prospective homebuyers in the United States are finding it to be almost impossible to secure a housing loan, they are unable to compete with foreign investors that have access to liquid money.

The most recent sales to foreign investors helped boost overall sales volume levels to numbers not seen since before the real estate market crash. The increased interest from foreign investors has also help reduce the average amount of time that a house stays on the market for sake.

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