A report by real estate agency Douglas Elliman that was prepared by an appraisal firm, Miller Samuel, identified that the real estate market in New York City is heading in three different directions at the same time.
One segment, the luxury market which represents the top ten percent of all sales in price has slowed down with only an 8% increase in sales and a decrease in properties that were put onto the market is broken down into two components; the new development market and the resale market. While the overall numbers in the luxury market still sound impressive these luxury sales were impacted by apartments in new construction, which typically have an higher price tag being included in the figure. New units are currently being marketed now than in the past in this segment and the current sales represent contracts signed a year ago. One analyst indicated that buyers are becoming more hesitant with the higher prices and are looking for deals on units instead. Many sellers are turning to local luxury real estate firms like Town Residential Real Estate to help place their apartments. Town Residential has recommended that they anticipate further downward pressure on sellers and long times for transactions to get finalized in this segment going forward.
Town Residential real estate is one of the premier real estate firms in the New York City market. They have a specialty in the luxury real estate segment and have a long history of providing clients with the ability to quickly sell their homes with the proper pricing and research that they provide to them regarding market conditions.
The final segment discussed in the article is that for resold units which represent 75% or more of the transactions in NYC. The market for these cheaper units are selling fast and this is driven primarily by demand for these units as well as the affordability of these units which average less than a million.