Due to the high population, strong economy, and limited amount of land, the New York real estate market has continued to be one of the most interesting and dynamic markets in the world. For the past few decades, the price per square foot in NYC real estate’s hottest neighborhoods has continued to increase exponentially. Ever since the recent real estate recovery has taken place, the increase in values has continued to rise.
Across the boroughs of Manhattan and Brooklyn, about twenty percent of all homes are technically considered luxury real estate, which is based purely on the asking price. Across the borough of Manhattan, the average sales price is in excess of $980,000, which is an increase of over six percent compared to 2014. In Brooklyn, the average price is nearly $550,000.
While homebuyers are clearly seeing a pinch from the rapidly increasing prices across the city, renters will also have to pay a premium to live in Manhattan and Brooklyn. While the city is notorious for offering small amounts of living space, the average asking rental rate has increased to over $3,300 per month and many people report having to pay sizable deposits and lease origination fees. The record high prices are an increase of over ten percent over the past year.
Since buying or renting a place in New York City is so competitive, it would be a good idea to work with an experienced real estate firm whenever you are looking to buy or rent in the city. One of the leasing luxury residential real estate firms in New York City is Town Real Estate. Town Real Estate was established in 2010 and is well regarded across the city for offering a variety of services to its clients to ensure that they get the best deal possible.
Town Real Estate has a strong team of brokers, market experts, and leasing agents that work around the clock to get the best market data for you and to help you find the best home for your situation. The company has worked in dozens of different neighborhoods across the city, which opens up the opportunity for you to find the best place possible. For those that are looking to sell or lease out an existing real estate property, Town Residential can also provide a number of different sales, marketing, leasing, and management services.