The NYC luxury real estate market is the strongest and most vibrant real estate market in the country. Average prices in Manhattan are higher than anywhere else with a $1.1 million median price. However, the market is a little overbuilt and is starting to slow. Sales grew by only 8% in the first quarter while many new units are being held off the market.
Meanwhile, although the economy keeps expanding slowly and steadily there are few American buyers for the super luxury condos. The stock market is not booming and the valuations for new technology companies are rising more slowly than in the past. The drop in oil prices has reduced the income of domestic energy companies. Lastly, banks, hedge funds and other financial firms are still producing plenty of wealthy executives but perhaps not at the same rate as in the past.
TOWN Residential real estate brokers is the leader in marketing luxury condos. The team’s agents have connections around the world to organize the most efficient sales process to get the best price for both buyer and seller.
TOWN’s executive team has decades of experience in the New York real estate market. They have also worked on some of the most exclusive projects in the hottest neighborhoods in the city including SoHo, Tribeca, UWS, UES, Midtown and Chelsea. TOWN continues to provide the finest end to end service of any broker in the city.