A recent New York City real estate market account predicted new condo expansion will set closings in motion and new rental buildings will keep hitting the market in Manhattan and Brooklyn in 2016.
The story also pointed out there will be a changing overall economic condition, from interest rate leaps to stock market shakiness, that will impact the real estate market.
The highest importance in predictions take in interest rates which are expected to rise little by little with a parallel slowing down in prices and the two will lessen strong buyer confidence.
And while transactions will continue to take place they will be more demanding to put together and to close. The time span purchasers will need to make decisions will take a lengthier time.
The predictions also involve baby boomers, as buyers of main residences, who will relocate to the city and remain a vital part of the buying market. Buyers will concentrate more on primary neighborhoods and vicinities as less important areas will have take a greater effort.
The report found differences between reasonable and unreasonable sellers will expand as unreasonable sellers, trapped in 2015, will let the market pass while motivated sellers will price their homes appropriately.
Prospective buyers will also be attracted to countless new rentals coming to Brooklyn as they consider incentives, such as reduced rents, in their decision whether to rent or buy.
Manhattan’s luxury condo inventory, ($10 million and up) will continue to expand as more buildings turn up for sale while the entry level luxury demand, ($1 million to $3 million) will maintain healthy immersion motivated by low supply and high needs.
An integral part of the New York luxury real estate landscape, TOWN Residential, has offices located in the city’s most dynamic neighborhoods, such as the Upper East and West Sides, Chelsea, Greenwich Village, among others.
What makes TOWN Residential one of a kind is that the firm presents a cozy relaxing meeting place, dubbed TOWN Square, which supports collaboration and connections among colleagues, customers and neighbors.