Forecasting The 2016 New York City Real Estate Market

Few locations in the USA generate as much excitement as New York City. Although 2016 remains a new year, real estate markets in this area have already generated attention. Broker Ari Harkov recently wrote about some of his predictions for property sales during 2016.


Strong Growth


His forecast predicts ongoing sales of premier properties in Brooklyn and other New York City residential properties, although this year he believes buyers will exercise comparatively greater power due to cooling markets. Some highlights include increasing attention focusing on prime locations. Additionally, he foresees a slow increase in interest rates, a situation which may help keep prices from rising sharply. He predicts that buying will slow. More purchasers will request additional contingencies in sales contracts.


Some members of the Baby Boom generation will enter retirement, and many will move to the New York area to live close to family members. Williamsburg and Downtown Brooklyn will likely experience increasing rental demand. At the same time, the real estate inventory of luxury condos in Manhattan will continue to increase, with extended sales time frames due to slower demand and generally high prices.


New York Real Estate Experts


Market forecasts greatly interest all New York luxury real estate professionals, including the talented real estate brokers and sales agents working for Town Residential, LLC. The firm sells many luxury properties in the New York City area.


Town Residential, LLC’s successful residential sales include the marketing of homes and apartments, as well as new developments, leasing, location finding and commercial property sales. The firm currently lists some of the most in-demand, trendy properties in The Big Apple.


The Future


What will the future hold for real estate sellers and buyers in the metropolitan New York area? Expert predictions suggest that the demand for entry-level upscale properties in New York will remain healthy during 2016.


Real estate in the City has become a finite commodity. A large number of buyers hope to own upscale real estate in this dynamic, one-of-a-kind location. Some source material for this article originally appeared in the New York Daily News.

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