The top New York apartments for rent firm has recently released the results of their study concerning sales growth and prices. Both appear to have had a strong second and third quarter outcome. This data was collaborated and released through their quarterly Aggregate news letter.
After all of the data was broken down and analyzed, it seems the greatest level of growth has come from price per square foot. The condominium prices were a close second with co-ops coming in third. These and more data analysis were released through Virtual Strategy Marketing.
What the data shows is that despite a small speed bump in the sales road in Manhattan this past Fall, both prices and sales are at an all time high. These trends are showing no signs of slowing and the market remains strong.
One of the fastest growing segments in this luxury sales market remains as the new developments. Newly built units are remaining as the strongest segment. This does not discount the historic buildings or the older properties. These are still moving, they are just not netting the same level of interest as the newer developments.
An interesting point that is noted within this release is the fact that buyers have the bulk of the power. They have the money, the desire to buy, but are awaiting prices to drop a bit. These buyers are not jumping on the properties when they are released. Instead they are waiting for deals to surface that make the purchase well worth their money.
This new found power by the buyers is causing an interesting trend to surface. That trend is properties spending more time on the market. As the luxury listing spends more time on the listing roster the eventual outcome are prices being cut to move the property.