According to an article posted on the NY Daily News site, 2016 is poised to be a very dynamic year when it comes to the NYC real estate market. To prove this point, daily news contributor and Halstead Property real estate broker Ari Harkov shared some of his market predictions for 2016.
Prediction #1 – Interest Rates Will Gradually Rise
Over the last several years experts have been claiming interest rates were going to rise. Well in 2016 that will finally happen. Or at least according to Harkov it will. As rates rise buyers will start to back off. As a result prices will start to fall. When this happens buyers will lose confidence in the market and the cycle will start all over.
Prediction #2 – Prime Neighborhoods Will Become a Primary Focus For Buyers
Anytime the market becomes soft, one of the first changes you will see is buyers putting more emphasis on prime neighborhoods. Second and third level neighborhoods will more than likely be ignored which will cause them to struggle a bit.
Prediction #3 – Luxury Condo Inventory Will Continue To Grow
Luxury real estate is considered real estate that is valued at $10 million or more. As more and more buildings become available in Manhattan, you can expect anything considered luxury to sit on the market a bit longer than usual.
On the other hand, condos in the price range of $1 million to $3 million will be in high demand.
No one knows this better than TOWN Residential, a service firm that sells luxury real estate in the New York area. In just five years they have built a reputation of being one of the best luxury real estate firms in the city.
Their customer service simply can’t be beat. They are literally in a class all their own. They have a team of knowledgeable representatives that can help you find the right place in the right location.
For your convenience TOWN Residential has locations in four of the most dynamic neighborhoods in the city. They are as follows:
The Financial District
To learn more visit them online at www.townrealestate.com.