When it comes to the residential real estate market of New York City, even when there is a slow down local sales still outpace comparable cities throughout the United States. In 2013, many factors played into the uptick in activity in New York City. With this in mind, some are beginning to wonder if the momentum will last into the future or if it will fade away as 2014 gets up and running.
Last year, a rising demand for Manhattan condos coupled with an aggressive attitude towards luxury developments led to the average contract price increasing 60 percent during the third quarter of 2013.
According to the Corcoran Sunshine Marketing Group, despite the fact that the third quarter was a big one, with the average contract price reaching $3.43 million, the number of new units hitting the market is still below average.
It is no big surprise that new condos are being purchased quickly, as can be seen by the 90 percent of units under contract in the NoMad condo building.
Last year was a big one for New York City residential real estate, but now it is time to start looking toward 2014 and what it holds for buyers, sellers, and the market in general. Some feel that the trend will continue, while others believe that the average price-per-square-foot will take a step back in the new year.
Anybody who is interested in buying, selling, leasing, or developing residential real estate in New York City can benefit from a consultation with a local real estate attorney.
Source: The Real Deal, "2013 was great for NYC condos — but can it last?" No author given, Dec. 27, 2013