Real Estate Predictions
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Town Residential, founded in 2010 and located in NYC real estate, is a full luxury real estate agency with offices in Gramercy, the Financial District, FlatIron, Astor Place, 5th Avenue, Upper East Side, SoHo and elsewhere. The company specializes in luxury residential sales,leasing and property development; commercial and retail. To date, they have 7,348 available properties ranging from $50K to $50M throughout NYC and Miami, Florida. Also, 13,344 rental units listing from $1K to $50K are currently available in their inventory.
The Daily News,* reported eight predictions for the NYC real estate market for 2016. These predictions are as follows:
1) As interest rates gradually rise, the corresponding prices will fall as buyer confidence weakens.
2) Contracts will be harder to close and will be more complicated.
3) Buyers will make several visits to the property and seek advice from trusted friends before signing a contract. The one Open House decision is dead.
4) The gap between realistic and unrealistic sellers will grow. In 2015, sellers who stuck to their prices will have to cut prices this year in order to sell the property.
5) Buyers will focus on prime locations only.
6) Baby Boomers are downsizing, often pay in cash, in order to live closer to their grandchildren.
7) Buyers, in Brooklyn, will have new rental units offering more incentives. For example;reduced rents,1-2 months free rent and no application or broker fees.
8) A $10M and up inventory of luxury condos will continue to increase and units from $1-3M will be in greater demand due to lower inventory.
With the real estate market of NYC being effected by many economic parameters, the Town Residential Agency strives to bring buyers and sellers together, with less stress, from first class customer service and tools such as buyer, seller and renter guides; relocation services; market reports (“The Aggregate”,Q4,2015) and pre-qualified and pre-approved consumer guides.
- January 20, 2016 by Ari Harkov, a real estate broker and News contributor.