The real estate market in New York City is one of the biggest shell games in the world. Real Estate in New York City is always moving, always changing and no one is more aware of that than the brokers, bankers, investors, attorneys, mortgage companies, insurance companies and business owners that would like to find the magical peanut that can stop the price increases and the hype associated with properties in the “city that doesn’t sleep.” The New York City Real Estate Expo brought all the movers and shakers in the real estate business together, and for one day they had an opportunity to find out first-hand what New York City is going to look like a year or two from now.
Town Residential’s brokers and agents attended the Expo, and they weren’t surprised to hear that most of the developments under construction are for the upper-end market. The days of trying to find affordable real estate in New York City are gone, and Town Residential knows adjustment will have to be made because of the high-priced new construction. Town Residential manages and owns properties all over the city. Town has become one of the top real estate companies in New York, and the company’s brokers and agents worked very hard to keep the Town Residential relative as the shifting mentality of New York City buyers, and sellers change the game.
A couple of years ago Town Residential had properties that leased or sold for what some New Yorkers call reasonable. Town still has those properties, but the market is pushing them up in price. It wasn’t uncommon to find an apartment on the Upper West Side, or in the Village for two or three hundred thousand dollars, but the brokers and agents at the Expo discovered those properties have substantially increased in value.
The main reason for the increases is investors and foreign buyers. People with money, from all over the world, want to own a slice of New York and are willing to pay top dollar. It’s a sellers’ market and according to the real estate analysts at the Expo, New York City will continue to be a sellers’ market for the next few years. According to Real Deal.com, sellers that have lived in the city for years are cashing out with huge returns and developers that have invested a lot of money in properties are selling new construction at record prices in order to get a decent return on their investment.