Based on their high market value, one in every five homes in the market based in Brooklyn and Manhattan can be considered a luxury home as compared to the sales average within the past year. NYC luxury real estate has recorded high-profit returns that have seen the yearly increase in market value of various strategically located homes. A recent article posted by Luxury Daily reports that New York’s real estate records a remarkable growth by 9.5 percent about the previous year (http://www.luxurydaily.com/new-york-real-estate-reaches-record-high/). This data relays a spectacular growth, being the fastest ever experienced in the past seven years.
With the recent excavation of rent prices by 10.7 percent from the previous year, the median rent costs have reached $3,339, while Brooklyn recorded a gradual rise in 1.5 percent. Alan Lightfeldt, StreetEasy’s data scientists, mentioned that housing in Manhattan is becoming more expensive a factor that adds more weight on Manhattan’s long-term housing affordability. Manhattan and Brooklyn are both locations that are the most sought after for housing privileges. Also with the rise in rent costs more New Yorkers will have to divert their interests to above 110th street in Manhattan and South and East Brooklyn to counter the hike in rent prices.
Founded in 2010, Town Residential is New York’s leading firm in luxury real estate services. Started by the firm’s CEO and co-chairman, Andrew Heiberger and Joseph Sitt respectively, Town Residential specializes in sales leasing of luxury homes and property developments. Town Residential plays a crucial part in New York’s real estate having surpassed the desired standards in quality and professionalized service.
The real estate firm employs professionalized manpower and a consistent winning formula that has earned the company numerous financial accolades in the real estate industry. The company is also a source for the talented human resource, as it was named one of the top fifty places to gain employment in New York. With the mentor ship and guidance visionary leaders, Town Residential offers an unsurpassed level of quality service that puts it at the lead in the real estate business.
During the third quarter of the current year, there was a slight drop in rent prices in New York. Sales dipped by 4.5 percent, which Town Residential confirms shouldn’t necessarily raise an alarm to investors. The report by the real estate firm indicated that the drop in market value of residential homes would, in fact, boost the sustainability of high prices. New York real estate increases in market value yearly which predict remarkable profits for real estate investors.