The real estate market has been increasingly hot and the increase in prices has been leading to increasing challenges for buyers of real estate. This is not a challenge confined to just Manhattan but rather to the entirety of New York City.
Brooklyn is the new hot spot for real estate in New York and sales prices are even approaching the heights that are typically only for sale in Manhattan. Part of the problem has been that the supply of Brooklyn apartments has been constrained. A report this week has indicated that over half of the new development home inventory has been sold with approximately $1.7 billion on the market sold during the month of September. Only 550 homes are available on NYC Apartments for rent.
Town Real Estate can provide you with access to some of the best real estate in the competitive New York real estate market. Town Real estate has significant experience finding apartments for those who are looking for one of these Brooklyn real estate apartments as well as those in Manhattan. Some relief is possible as there are 1400 units with submitted plans for Brooklyn that are expected to generate a significant amount of interest. Recently, the average unit price has accelerated to over $4 million per unit in some parts of Brooklyn.
Brooklyn isn’t the only market that has been hot. Manhattan real estate has continued to climb with over seventy apartments being sold in Manhattan with prices over $4 million. This is the best period of time for home sales in Manhattan since 2006 during the heights of the market. The increase in the real estate market in Manhattan is partly on the heels of a decreasing stock market, with the highest unit reaching $38 million in value.
Locating an home in this time of increasing home prices is difficult which is why it is essential to find an unit that is effectively priced. Town Real estate has extensive contacts that can help you to locate units that are effectively priced in this market and can help you to locate the home that you are looking for. Reach out to them and get the assistance of their qualified real estate agents who can set out on finding the apartment that you are seeking.