The people selling their homes in New York City luxury real estate are not getting nervous about home prices even though a 4th quarter Town Residential market analysis indicates that some buyers are not signing on the dotted line as quickly as they did in 2014. Town Residential is one of the largest companies in the luxury real estate market in New York. Founder and CEO Andrew Heiberger said Manhattan is experiencing a larger gap between development sales and recent trends, but for the most part, Manhattan prices are still increasing.
Wendy Maitland, President of Sales for Town Residential said there were more than 7,900 units for sale in Manhattan as of December 30, 2015, and more than 2,000 of those units were priced below $2 million. She also said 493 units in Manhattan were priced about $10 million. The average price of a co-op the last quarter of 2015 was more than $1,200,000, and that was almost a 5 percent increase over the third quarter. Condos averaged more than $1,700,000 and the price per square foot was more than $1,600 which is a 13 percent increase over the same period in 2014.
According to the analysis, the real estate market in New York hasn’t stopped increasing even though the third quarter market was soft. The Town Residential analysis just confirms what agents and brokers already know. The demand for real estate in New York hasn’t peaked. Some buyers may be price conscious at the lower price points, but the buyers in the luxury market are still willing to pay what the market demands.
With an average sale price of almost $2 million, New York may be the most expensive real estate markets in the country. But most buyers already thought it was even though San Francisco real estate prices, are higher when the square foot size is the same.