The New York real estate markets can expect mixed results in the future, according to an article in the NY Daily News. 2016 is expected to be a difficult year for New York markets as a number of factors combine to slow sales in certain areas, but a growing luxury property market will continue to be a success for brokers in the city. A major issue facing the New York markets will be the rising interest rates expected in 2016, which will slow sales and make buyers consider their options more as less sales are expected to be completed.
Town Residential is a NYC luxury real estate brokerage positioned perfectly to make sure they remain immune to the issues expected on the markets in 2016. Headed by experienced real estate expert Andrew Heiberger the company has gained experience in its short life working in almost every area of New York City.
The team of professionals assembled by Town Residential bring skills from all areas of the markets, including both sales and rentals at all budget ranges. Town has been at the forefront of the growth in markets outside Manhattan, which have given the company a range of clients across the city.
The rental market is expected to continue to grow in 2016 as boroughs like Brooklyn continue to see new condo’s and rental buildings open in a range of budgets. Along with the increased focus on specific locations across New York the return of baby boomers to the city will see sales and rentals grow for people in certain age groups and areas. The return of baby boomers to the city and the increased number of rentals available in Brooklyn could see a rise in the rental market as reduced rents and incentives are introduced.
Finally, the NY Daily News explains the luxury property market should remain strong as the level of inventory in New York continues to rise in a range of different areas. For those seeking true luxury at a price of $10 million or more the market should remain largely unchanged, but increased competition is expected for those entering this market at the $1 million to $3 million range.