NEW YORK--(BUSINESS WIRE)--TOWN Residential is proud to release the August edition of its Economics at a Glance report. As previously introduced in July, these reports consist of monthly updates on economic trends as they relate to the Manhattan luxury real estate market and asset prices. These analyses supplement the quarterly sales report that TOWN produces, called The Aggregate, which focuses on pricing trends for Manhattan Condos, Co-ops, Townhouses and the Luxury Market. This is our second monthly supplemental update, which explores employment activity as it relates to housing, along with a look at the S&P 500 stock index and the 30-Year Fixed Rate Mortgage through the last week of August.
“For sure, Brooklyn and Queens will continue to rise as they become neighborhoods of choice and are much more affordable (for now).”
“We continue to track greater economic data as it relates to real estate with the purpose of educating TOWN Representatives and our clients on current trends, and clarifying activity in our regional market,” said Damien Parker, TOWN’s Chief Statistician. “The focus is still on correlations among different components of the economy, particularly with regard to assets here in New York City.”
“We are currently experiencing tremendous success at TOWN,” Founder & CEO Andrew Heiberger said. “We have already surpassed last year’s achieved gross commission income and it is only August. Manhattan real estate is firing on all cylinders in all segments, both with contracts signed (new business) and contracts closed (revenues). Luxury Sales are still experiencing bidding wars -- especially in prime neighborhoods and below 6 million dollars. Most well executed new developments currently on the market both uptown and downtown are over 75-to 80-percent sold. Land prices are at all-time highs. Luxury Rentals are scarce and absorbing at record prices and approaching 100 dollars per foot or more for the best. New rental developments are scarce due to record land prices, but when they hit the market, they are snapped up at twice the normal pace of business.”
“It will be interesting to see what impact the rising interest rates and improving jobs market has on Manhattan’s pricing and demand,” Heiberger continued. “For sure, Brooklyn and Queens will continue to rise as they become neighborhoods of choice and are much more affordable (for now).”
ABOUT TOWN RESIDENTIAL:
Launched by Founder and CEO Andrew Heiberger in 2010, TOWN is a top-ranked fully integrated Manhattan real estate services firm specializing in luxury residential sales, rentals, and the marketing of new development sales and rentals. TOWN Residential, LLC is a partnership of Buttonwood Residential Brokerage, LLC and Thor Equities, LLC, a leading real estate development and investment firm. An integral part of the New York real estate landscape, TOWN has a team that exceeds 520 licensed Representatives and staff in nine neighborhood locations: TOWN Greenwich Village, at 530 LaGuardia Place; TOWN SoHo, a landmarked corner storefront at 337 West Broadway dating to 1886; TOWN Upper East Side, a corner storefront at 239 East 79th Street and Second Avenue; TOWN West Village, a federal-style townhouse at 45 Horatio Street; TOWN Astor Place, a block-front space overlooking historic Astor Place in the Gwathmey Siegel-designed Sculpture for Living at 26 Astor Place; TOWN Fifth Avenue, located in the prestigious Crown Building at 730 Fifth Avenue at 57th Street; TOWN Flatiron, located at 110 Fifth Avenue and 16th Street; TOWN Financial District, located at 88 Greenwich Street; and TOWN Gramercy, located at historic 33 Irving Place. For more information about these offices and TOWN Residential, visit: www.townrealestate.com.