The average price of condo sales NYC between November 2009 and January 2010 was around $945,500 USD, which represents falls of 0.5%. During the last five years or so, the NYC real estate has witnessed an increase of 45.5% in the sales prices. Some of the biggest luxury condos NYC tend to be concentrated around Upper West Side, Upper East Side, Harlem, West Village, Greenwich Village, Chelsea etc. These areas have been the most profitable for the average NYC real estate broker and are where the majority of the business lies.
In these days of the economic crisis looming over us, there have been a couple of new developments NYC. One surprising trend has been the decrease of condo sales NYC and instead an increasing focus on the rentals market. Many renters are choosing the Manhattan luxury apartments for rent as opposed to for a sale. This is because rental expenses are much lesser and there is no need to pay a lump sum as is the case with condo sales NYC. Thus, buyers are more interested in the rental market and sellers too are shifting their listings of condo sales NYC to rent these out by the night or on a weekly basis while the home is still listed on the market.
Depending on the area, the prices of homes in the NYC real estate sector can differ dramatically. For example, while luxury condos NYC in Manhattan may reach sky high limits, the same condo in Brooklyn might be lesser in price. Condominium buildings NYC concentrated around Manhattan have always witnessed a huge demand both in sales as well as rentals but this year it seems it is the rentals, which are the biggest in demand. The Upper East Side and Upper West Side are extremely popular and every NYC real estate broker wishes to have a couple of houses listed in these parts of NYC to earn maximum profits.
Cooperative housing and condominium buildings NYC have seen the lowest prices during 2009. It was only during 2008 that the average price of condo sales touched the $955.000 dollar mark and this trend was most seen within the Manhattan luxury apartments so to speak. In Manhattan, the lowest price of condo sales happened during the year 2000 and it was around $399,000 dollars at the time.
Most experts who deal with the NYC real estate on a regular basis state that this is probably the best time to invest in properties. Given the fact that the economic recession has resulted in lesser buying power, an increasing number of condominium buildings NYC are being foreclosed at alarmingly low rates. Prime properties in coveted areas like Manhattan are suddenly seeing a huge drop in prices and this trend is expected to continue for at least a year more. Thus, while the average NYC real estate broker might be having a tough time you as a consumer can rejoice because in terms of investment, this is the best period. Prices are low and you can get access to high-end luxury condos NYC as you want!
Domain Properties consists of experienced brokers, Consultants and agents who are professional, committed and genuinely concerned with meeting the needs of their clients. Whether you are looking to Rent, purchase, or sell real estate property, our team will work diligently to negotiate, secure and close the transaction best suited for you.
With prices being at an all time low, consumers need to take this opportunity to perceive it as an investment. Only then can they hope to have a share in the piece of commercial real estate in Manhattan segment. The Manhattan landmark buildings are known to be some of the most coveted when it comes to the NYC commercial real estate sector and being able to get access to some of that during the slump period is just terrific. Once the real estate sector starts picking up, consumers are bound to get back much more than what they invested in the first place..
With a strong working knowledge of the rental, residential and commercial real estate markets in New York City, we have a multi-lingual office and speak several languages. Domain Properties is able to effectively assist individuals with the lease, purchase, and sale of real property.