New York Real Estate Reports Show Mixed Results
Many real estate people might have thought the reports released on April 1 showed good news for Manhattan real estate sellers, but once investors examined the reports closely the news was not as good as it appeared as it would first appear, according to Miller Samuel who prepared the report for Douglas Elliman Real Estate. Miller Samuel, as quoted in Crains New York, says that prices are up 17 percent over April 1, 2015. He quickly adds, however, that most of the increase was because of new developments where contracts were signed at least one year ago.
Those looking to live in a new unit can still find some outstanding choices on the market. One of the choices offered by TOWN Residential is 53 Greene Street in the Soho neighborhood. This six-story boutique condominium offers chic and elegant accommodations right in the heart of the fabulous art district.
The market is so depressed right now that builders are not releasing their new properties onto the market. This has caused a 44 percent decrease in the amount of active listings. Andrew Heiberger, CEO of TOWN Residential, says that buyers are slowing down when looking for a luxury place to live. They still have money, but they are looking for a deal before turning loose of their money. He says that successful companies, such as his own that has been in business for five years, are still able to find good deals for buyers. The success of his company, however, relies on the networks that the company has already built with owners.
Over 75 percent of all NYC apartments for sale are resales of existing property. Buyers are still looking to snatch up bargains especially when they are priced between $500,000 and $1 million. These homes are moving as fast as ever. The median price for real estate during the first quarter of 2016 was $950,000.