Luxury real estate is a valuable and highly sought-after market within the city limits of the five boroughs that make up New York City apartments for rent. The individuals who are interested in the New York luxury real estate market have very simple tastes: they only want the best. They also want the most expert opinions on the nature of this highly-finicky market, so when a New Yorker interested in high-end real estate needs to educate himself on the process, they usually turn to the luxury real estate real estate services firm TOWN Residential.
Earlier this month, TOWN Residential released The Aggregate, which is the firm’s quarterly real estate market report. The analysis of the fourth quarter of 2015 reveals some fairly telling statistics. First of all, the report showed that there is a continued rise in price action, namely because the “soft patch” has yet to make it through the pipeline. The average sales of luxury real estate within Manhattan posted a 5.2% gain, rising to $1,976,660. The median growth of the real estate also rose 16% to a price of just shy of $1.2 million.
Manhattan condos posted an average price of around $1.7 million and the median price per square foot was a respectable $1,606. The average price of a Manhattan co-op apartment was $1,272,902 and rose 4.6% from the previous year when it was $1,217,017.
Finally, in examining some of the real estate properties by size there are also some rather notable statistics. First of all, the median price of one bedroom condo was $1,080,000; a two bedroom condo was $2,056,865 and a three bedroom condo made the sale at around $4.4 million. Some more good news would include the fact that sellers have adjusted their price expectations and any potential downshift was lessened.