Joe Anuta, a Crain’s reporter, gave an insight on the real estate reports released by various firms last Friday. The reports indicated a fall in the luxury units with continuous growth in both demand and price of Manhattan homes within 2016’s first quarter. According to Jonathan Miller, whose firm prepared the Douglas Elliman report, the first quarter registered a declined in the marketing of luxury units or apartments because of the most developers opting to keep their properties off the market. Primarily, this was prompted by the slow contract signing in previous quarters.
The Corcoran Group also gave out its report on Friday where most of its buyers bought properties that were sold at low prices. In addition, the report indicated that the largest portion of properties sold ranged between $500000 and $1 million in terms of price. This report focused on the resale market, which comprises of an excess of three-quarters of all sales in New York City.
Real estate experts in New York maintained that the resale and lower-end markets would continue growing strong. However, they strongly advise developers of high-end properties to price their houses or apartments appropriately in a bid to get them sold in the market. The information was originally reported on Crain’s New York Buisness http://www.crainsnewyork.com/article/20160401/REAL_ESTATE/160339959/another-sign-the-luxury-condo-market-is-cooling
Details about Town Residential
Town Residential is a top NYC luxury real estate brokerage firm, which was founded by Andrew Heiberger, the CEO of Buttonwood Development. The firm relies heavily upon its qualified and experienced team of representatives to cater to the needs of its clients. Consequently, the firm has heavily invested in making its representatives comfortable to the point that it was awarded for being the best company to work for, as well as among the leading 50 firms to work for in New York City.
Town Residential also boasts of a top-notch team of executive leaders who spearhead the operations of its teams of reports to deliver outstanding results. Consequently, it has been able to play an integral role in establishing standards of excellence in the New York’s real estate sector. It also possesses various divisions charged with carrying out various tasks for the benefit of the entire firm such as the Marketing and leasing division. Its leasing and marketing division is charged with providing market research and branding services.