Luxury real estate in New York is real estate at a whole different level than any other major city. With its incredible history and the vibrant feeling that invests every part of this city, New York is the place that people want to be. Prices in high end real estate here have stayed strong after recovering from the Great Recession, and in the past few years prices have continued up into the stratosphere.
The new reality in New York, however, is that a slowdown is on the way. Interest rates are due to rise and this will have an impact on every part of real estate here. That, along with a stock market that continues to be unpredictable, will be an element of business here that must be faced. Investors who are realistic about the coming situation in 2016 will do well, however.
A recent article in www.NYDailynews.com addressed the situation and laid out what we can expect this year.
Prices on rental properties in Brooklyn and Queens will head lower as interest rates rise. Buyers will be slow to make final decisions on deals, and many will make more demands as negotiations go back and forth. Sellers will have to be realistic in setting prices to this new reality. Those that don’t will lose out in a big way.
One of the bright spots in the coming year, however, will be the involvement of baby boomers, who will have cash on hand. Many of these buyers will be buying into the “lower” levels of the luxury market.
What’s clear is that solid representation from experts in New York luxury properties is essential. TOWN is one of the top firms that has expertise in this area, and the real estate professionals at TOWN are ready to work with those who need their knowledge of New York’s amazing properties.
Since its launch in 2010, TOWN has risen to the top of the luxury residential real estate scene. When you’re ready to make it happen, call TOWN.