For anyone looking to live in the lap of luxury, there are plenty of options available to them in New York City, they just need to know where to turn to. Town Residential has NYC Real Estate covered. No matter where they want to call home in New York or what kind of property they are interested in, if it is luxury driven, Town is the place to check out. With some of the most experienced real estate agents on the market today, these individuals will not stop until someone finds exactly what it is they want.
Real estate in New York is always moving and there is always something new. However, properties also move fast as well, so if someone sees property they are interested in they need to move fast. Town Residential can help make all of this happen. From a three bedroom, three bathroom condo on East 72nd Street to property right on Fifth Avenue, overlooking all of the action, there is always going to be a location that welcomes individuals home. Plus, Town Residential can assist with locating a property to both buy and rent.
Real estate in New York is always in flow. There is always something in motion and it is always changing. Vacancy has been going down in recent months, which makes finding a property more challenging for someone who wants to wait and exercise their options. Recently, the Manhattan absorption rate fell to 4.1 months in November while the sharpest decline took place in Midtown and Midtown East. Luxury condos has been a hot ticket item though, as 70 contracts were signed in the first half of the month.
On top of all of this, multifamily sales within the city of New York sold for $1.7 billion total just in September alone, which is a 97 percent jump from the month of August. Rent is also increasing throughout Lower Fifth Avenue. Property between 42nd Street and 49th Street is now up to $1,244 per square foot. This is up over 14 percent from the previous month. Throughout all of Manhattan, while the vacancy rate held steady at 8.9 percent, the average asking price for rent increases by just over $71 per square foot.