NEW YORK--(BUSINESS WIRE)--TOWN Residential is proud to release its Manhattan real estate sales report for the fourth quarter of 2013, The Aggregate™ Q4. Predominant quarterly upward pricing trends were driven by luxury sales and high-end condos, the study reports.
A five percent increase in average luxury sales price taken in conjunction with an over 16% year-over-year increase, suggest significant price movement for this category. The luxury market saw increases in average price per square foot, median price, and median price per square foot.
Cooperative apartment pricing was mixed year-over-year, but quarter-over-quarter it was generally flat, with mild decreases. Overall, days on the market remain generally low for the vast majority of co-op and condominium apartment sales, taking approximately three months to complete a sale.
The most recent census data states that in the five boroughs of New York City, there was an approximately 60% year-over-year increase in cumulative year-to-date building permits reported for the month of November,” says Damien Parker, TOWN’s chief statistician and economist. “This shows that developers are taking advantage of current and future asset prices while borrowing costs remain relatively low.”
“The luxury sales market, which represents the top 10 percent, continues to grab headlines with double digit year-over-year increases while the rest of the market has remained status quo,” Andrew Heiberger, TOWN’s founder, adds. “I expect this trend to continue through 2014 as the ‘shadow inventory of contracts signed’ comes to market and closes at record-setting prices in many new buildings, including the much anticipated One 57.”
“Mortgage interest rates and our new mayoral policies and initiatives will be important drivers in our marketplace in 2014,” Heiberger says.
Launched by Founder 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 570 licensed professionals and staff, with the capacity for 630, in ten neighborhood offices: TOWN Greenwich Village, at 530 LaGuardia Place; TOWN SoHo, a landmarked corner storefront at 337 West Broadway dating to 1886; TOWN 79th Street, a corner storefront at 239 East 79th Street on the Upper East Side; TOWN West Village, a trophy office at 446 West 14th 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 Greenwich Street, nestled in heart of the Financial District at 88 Greenwich Street; and TOWN Gramercy Park and the corporate team at TOWN Residential, both located at historic 33 Irving Place. For more information about these offices and TOWN Residential, visit: www.townrealestate.com.