Town Residential is one of the leading residential real estate firms in New York City. While the company also provides services in Miami and various commercial real estate services as well, the primary focus of the company continues to be the Manhattan and other borough residential real estate markets. The company provides a number of sales, leasing, and marketing information to real estate developers and invidious buyers and sellers.
Beyond providing real estate sales and leasing services, the company can also provide consulting and market data to its customers. Town Residential frequently is in the news for providing detailed and well-respected insight into the current and future state of the New York City real estate markets. Earlier this year, the company provided some very detailed thoughts on what consumers and real estate professional could expect to see in 2016 in the New York City real estate market.
One of the biggest trends that the company expects to see is a slight transition from being a pure seller’s market to being more of a buyer’s market. Over the past few years, the marketplace has strongly favored the seller of a property with many marquis properties in good locations coming off the market within hours of its public listing. In the coming year, this trend is expected to slow down and buyers are expected to have more options and more time to make their decisions. One of the key factors driving this is the recent increase in interest rates, which are bound to have a big impact on mortgage rates.
While overall supply is likely to increase and sales are going to slow down, sellers will still have the upper hand when it comes to selling high-end real estate in the most sought after locations. Those that are selling at a fair price in a prime location will still see their properties sell at a very quick pace. Furthermore, there are a number of different developments coming online in the coming year that have already gained a significant amount of pre-sale activity and will likely sellout very quickly this year.