New York City


Manhattan real estate prices increase 14% over last 12 months


Based on recent real estate reports, New York real estate prices continue an upward trend. The median price for an apartment in Manhattan is now 998,000 USD and the average price is now 1500 USD per square foot.

Based on analysis from East-West Property Advisors, there are several reasons for this upward trend in real estate prices in Manhattan. Manhattan continues to see a high demand for apartments while supply remains limited. This is causing prices to continue their steep increase. Furthermore, the rental vacancy rate is 1% which means that many investors have great options to rent out their apartments at high rent.
While their is new housing coming on the market in Manhattan, these new projects often are luxury projects starting at 2000 USD per square foot. This is much more than the average price in the second hand market and as a result, many buyers in Manhattan are being forced to find their dream home by looking at second hand apartments only.

Most experts expect that prices will continue to go up in the near future as the economy remains strong, job creation is high, supply remains limited and interest rates continue to be low.

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New York real estate prices continue to rise


The real estate market in New York is still experiencing an upswing. Prices have increased 18.8% over the last 12 months. Main reason is that the new supply is not meeting the high market demand. New York remains a hub for many industries which continues to attract talent.

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Source – The Nation, July 29 2015

Manhattan and Brooklyn rents keep rising

Manhattan rents rose 2.4% percent over the last 12 months to $3,380. According to real estate brokerage firm Citi Habitats , Manhattan's vacancy rate is 1.07% (its lowest point in nearly three years) and the average rental price is at $3,475.

In Brooklyn, the story was large the same, with the median rent up 4.8 percent year-over-year to $2,961. However, the real estate firm Elliman attributes the rise in Brooklyn to a shift to larger units, and notes that accounting for size, things did not really get more expensive
Meanwhile, in Queens, rents actually dropped with the median rent down 12.4 percent year-over-year to $2,597. However, the numbers were skewed lower by a sharp increase in one-bedrooms. Going by size, rents still rose for every category except studios.

There are many stories of foreigners who are moving to New York City and have to learn to act more quickly when an apartment is becoming available for rent. Often, this means that they have to go view the apartment the same day and fill out the application on the spot. Even then, the landlord might decide to rent it out to someone else who he/she believes would be a more suitable tenant. It is certainly not easy to find an apartment to rent in New York City when you are still based in a different country. Best is to find a good agent who is willing to work hard to assist the foreigner with his rental search.



Source: Curbed, June 11 2015

Chinese real estate investors will continue to focus on New York City

Chinese real-estate investments in the United States will continue to focus on major cities such as New York, according to real estate professionals.
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Source: China Daily, March 2015

New York City takes back global investment crown from London

New York has been selected as the most preferred city for foreign property investors, based on a survey done by the Association of Foreign Investors in Real Estate’s (AFIRE).

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New York's multimillion dollar home sales keep soaring

According to CityRealty, sales of multi-million dollar residential properties in New York City have increased 120% so far this year.
While median home prices for the U.S. overall have increased to the same level as where they were 10 years ago, Manhattan's luxury home prices have more than doubled.

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Source: WMUR, Nov 20 2014

New York City is home to the most billionaires in US

According to Forbes, more of the nation's billionaires live in New York City than any other city.

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Manhattan apartment sales decrease slightly as prices remain high

The average Manhattan apartment sales price has decreased slightly from its peak, and fewer apartments are selling. These are signs that buyers are pushing back against high prices.

The average Manhattan apartment sales price is up 15 percent from last year’s third quarter, according to The Corcoran Group’s latest market report.

High apartment sales prices are common in new developments, where the average sales price increased a stunning 77 percent over the last 12 months, from $2.06 million to $3.65 million. However, units in new developments made up only 6 percent of all third-quarter closings.


Source: New York Post, Oct 1 2014

Manhattan's most expensive condo apartment to be listed at 130MM USD

The penthouse apartment will have 12,394-square-foot (1,151-square-meter) and will cover the top three floors at 520 Park Ave. Sales will start in first quarter of 2015


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