Despite a fall soft spot, square foot prices in Manhattan reached an all-time record high closing the year at $1,606. Those prices rose from a 2014 median close of $1,429 at the end of 2014 and a close of $1,408 on September 30, 2015. Driving the prices upward are the availability of new luxury condos that are being released to the market for the first time. Some of these new units include 111 West 57TH Street, One Seaport and Jardim.
Buyers are still willing to spend their money, but at a slower rate than in previous years so many Manhattan condominiums are staying on the market longer than in previous years. This is particularly true of older units.
The amount of square footage that a unit contains is still a major driving force for how quickly the unit will sell, according to The Aggregate released by prestigious TOWN Residential. The quickest selling units were those that contained three bedrooms. These units sold for an average of $4,421,300, a 15 percent increase in 2015 over the previous year. Meanwhile, two bedroom units sold for an average of $2,056,865 and one bedroom units selling for an average of $1,080,000.
Across NYC real estate, buyers can find a variety of condominiums for sale. In fact, there are 7,963 units for sale including townhouses, condos and coops. Not surprisingly, the largest number of condos are available for sale in Manhattan where 4,326 units are for sale.
Buyers find a variety of options available. The largest group, 2,100 units, are priced under $2 million dollars. Buyers looking to spend between up to $5 million can add an additional 1,132 units to their possibilities. The smallest group of available units are priced over $10 million with 493 choices available.
TOWN Residential has quickly risen to the top of the luxury real estate market since the company’s formation in 2010. Under the leadership of Andrew Heiberger and Joseph Sitt.