Despite the real estate industry growing at an astonishing rate, it is competitive and complex. Venturing and succeeding in the real estate sector require a clear plan for dealing with both competition and market instability. The market for luxury condominiums has been expanding at a surprising rate. During the initial quarter of 2016, Manhattan homes’ market has remained stable and strong irrespective of the luxury segment lagging behind.
According to the reports released by Douglas Elliman Real Estate, the median price recorded last year during the same time was the second highest ever recorded. However, this year the price has been inflated by the closing of a series of new development contracts. Jonathan Miller believes the difference in performance of the three major areas in the real estate industry accounts for the instability of price. Miller’s appraisal firm was responsible for the preparation of the Douglas Elliman’s report.
The luxury portion that accounts for 10% of overall sales on price basis has cooled off in many areas. The past year recorded an increased number of online projects, but the sales escalated by as little as 8%. Things were not different in the apartment sector, despite developers building close to 5,500 units back in 2015, only a few units were marketed in 2016.
A summary on Town Residential
Town Residential is a prestigious NYC aparmtments for sale and real estate development. With just five years since inception, the firm has managed to decorate itself in the real estate industry. The company focuses on the sale of luxury residential houses, development and leasing of property, marketing of buildings on behalf of clients, as well as developments of retail and commercial property.
Town Residential has a Development Division that focuses on handling development services such as pre-development planning, marketing, promotion, conducting market research and analysis, and branding. Town New Development is well connected, and it can access prominent contractors, architects, interior designers, and amenity providers.