While the rest of the country suffers from a sharp drop in real estate prices, it seems that the Manhattan people have every reason to feel protected. Despite the fact that sales have fallen in this popular and prestigious area of New York, the demand for luxurious life in this area has kept prices. The average apartment in Manhattan is now worth 1.67 million dollars. However, real estate market experts say that these numbers point to a softer real estate market here.
Sales in Manhattan are still the same as in previous years. However, the average price of housing is growing, which makes it an unexpected turning point compared with the rest of the real estate markets in the country. Regardless, experts say that the constant flurry of negative press concerns the real estate market will inevitably affect, even in places like Manhattan, where it is predicted that home sales will slow down.
However, other industry experts disagree. The usual has never been enough for homeowners in Manhattan and in the booming luxury real estate market, protected by an enclave from the rest of a hectic economy that protects Manhattan real estate. In other words, the world of Us versus Them has never been more visible in New York, where realists notice the luxury market, and the rest of the market takes different paths.
Unlike other markets in the country, such as Las Vegas Nevada, Palm Beach Florida, Boise Idaho and Arizona, the average price of a Manhattan apartment has risen somewhere between 25% and 36% over the last year. However, two of the most prestigious addresses in the area, 15 Central Park West and The Plaza, have not seen an increase.
Overall, sales figures are declining in the area. Sales decreased by 38% compared with the same period last year, and in general the number of sales decreased by 21.8% compared with last year. However, real estate experts experience higher real estate prices to help balance low sales. In this real estate market there is an increased level of activity. The luxury market has hardly suffered from disasters in the real estate market of the medium price segment, which has slowed down with the highest margin.
However, negative forecasts continue. On Wall Street, layoffs are predicted that will play a large role in the real estate market. There are current homeowners whose future unemployment may create the need to quickly sell their home. On the other hand, industry experts say that if you are looking for a $ 20 million home, you do not have a terrific interest in your mortgage payments, and you are not inclined to get into bad mortgage situations with variable interest rates.
There is a flood of luxury condominiums in the Manhattan market that underlines the trend of positive buying in the luxury community. With full concierge, swimming pools, spas, etc. These villas are quickly bought no matter what happens to the rest of the country and the problems of the real estate market. As any Manhattanite will tell you, everything is different in New York.
