Tag Archives: Luxury real estate

Rentals

Manhattan luxury rents increasing

The Manhattan rental market is now becoming the dichotomy that the sales market has been for the last few years. The luxury rental market is surging in value due to more buyers turning into renters. While the luxury sales market has been in a buyer’s market for the last 3 years,some buyers have paused and decided to rent instead. Also, as a result of the uncertainty of the recent federal tax reform, anecdotal evidence suggests that the Manhattan luxury sales market didn’t do well in November,December as the Manhattan luxury rental market surged in January.

On the other hand, the median Manhattan rental, of $3275 is dipping in price. New inventory and the market cycle has led to nearly 50% of the apartments being rented with a concession like the owner paying the real estate broker or a free month’s rent.

Manhattan luxury rental market report

General rental market conditions

The Author-  Brian Silvestry , a licensed real estate broker, has been representing clients  in sales and purchases of residential and commercial real estate since 1999. He has sold in every Manhattan neighborhood from Battery Park City to Washington Heights.

 

Real estate

NYC sales slow in November

Streeteasy Market report is showing that November sales slowed in comparison to the previous month which is not that unusually that given the cyclical nature of the real estate market. However, they are also predicting appreciation in 2015 to be about half of what it was in 2014. In 2014, year over year values are up about 10%. I think that is probably an accurate analysis of the market under $3 mm where inventory continues to remain tight. Prices have risen to a point that it is hard to imagine appreciation continuing at the same pace.  Continue reading NYC sales slow in November →