The latest issue of The Aggregate, Town Residential, New York’s quarterly report, has been released. At the close of 2015, price per square foot increased by a little over six percent at the beginning of 2015 at just over $1,000. The average price per square foot showed an increase of over 8 percent also from just over $1,000. The fourth quarter of 2015 saw an increase of 20 percent for the median sales prices at just over $1,700,000 of condos specifically in the Manhattan area on NYC apartments for rent on townrealestate. By the third quarter of 2015, the average price of the Manhattan co-ops rose by just over four percent from just over $1,200,000 to just over $1,272,000.
Andrew Heiberger, founder of Town Residential, has stated that all of the increases are due to a widened gap between sales of new home and apartment buildings and the re-sales of the ones already around. He has also stated that the area is finally seeing a stabilization in prices as marketers are finally adjusting their price expectations. President of Sales, Wendy Maitland has stated that due to the latest inventory, the market for 2016 is expected to present an array of opportunity for buyers. The inventory showed that there were just over 2,000 units under $2million, just over 1,000 units at up to $5million and on down to 493 luxury units at just over $10million.
Currently, Town Residential is one of the most luxurious living available in the entire state of New York. It currently has a team of over 630 agents and other professionals employed throughout New York City.