When it comes to the very best in luxury comes and condos throughout the city of New York, Town Residential is the location people turn to. The company works with high-end clients to help deliver exactly what they are looking for. So, no matter where in town they want to live or how large they want their condo to be, Town Residential is there to assist. Of course, the real estate market in New York apartments for rent is ever changing, which is why Town Residential always wants individuals to know what way it is going and how it is changing. It is important to stay on top of what the changes are and how it is affecting prices and available properties inside the city of New York.
As Town Residential points out, the November sales numbers have changed slightly from the previous month’s numbers. In terms of Manhattan’s absorption rate, it fell slightly to 4.1 months. Midtown and Midtown East in Manhattan saw the sharpest declines in the rates. This is based on new development sales being closed on. The sales figures cover all of New York though and not just Manhattan. This includes Brooklyn, where half of all the new development properties sold, with just 550 remaining in the entire neighborhood.
As for extremely high end properties within the city of New York, sales for these properties are at the highest point since November in 2006 (before the housing crash took down the price of properties and the number of buyers throughout the United States). In fact, 70 different contracts were signed off on for properties that were priced at $4 million or more.
Multifamily homes in New York also increased, reaching a total of $1.7 billion in September alone. This is a 97 percent increase in the total value over the previous month. The early fall months is usually when most people decide to move. This is a common trait that is seen throughout the real estate world at that time of the year. Beyond all of this though, rent for the Lower Firth Avenue increased over 14 percent per square foot to $1,244.