Though the signs have been obvious to trend watchers for a while, there is now no doubt that the luxury real estate market in New York is heating up in a major way. A recent article in www.LuxuryDaily.com reports that real estate in Manhattan has now grown 9.5 percent year over year, in the third quarter. This figure represents the fastest growth in the area in 7 years, which counts as a major comeback after the setbacks that came from the economic meltdown of 2008.
The article also noted that one in five homes in Manhattan and Brooklyn are now regarded as luxury housing, and the trend towards higher real estate values in these areas is expected to continue on upward.
Rent on the Rise in Manhattan
It’s clear now that rents are on the rise again in Manhattan. The median price for a rental one-bedroom unit in New York soared up to $3,339.00 in the past year. That’s a 10.9 percent increase over the price from last year. Properties in Brooklyn, by comparison, were up just 1.5 percent overall.
Representation By a Solid Real Estate Advisor
What’s clear is that people who want to find luxury housing in New York at the best possible price need to work with a reputable and knowledgeable real estate company. That’s where professionals at well-regarded firms FRO NYC real estate like TOWN Residential can make all the difference in brokering a great deal. Since its founding in 2010, the real estate professionals at TOWN have made a name for themselves by offering their skill, personal attention to their clients, and their acute knowledge of the New York market. Working with a highly regarded company like TOWN can make all the difference in finding a luxury property that is priced well in today’s overheated market.
Yes, there’s no doubt prices are going up again in New York. Renters and buyers who want into this very desirable market would do well to align themselves with a solid luxury real estate group who can advise them on where to find the best properties out there for the price.