According to recent statistics, New York apartment sales topped $335.3 billion in the third quarter, up from $193 billion the previous quarter. The increase is largely due to millennials moving into these spaces in response to the global financial crisis. In 2016, apartments surpassed office buildings as the most popular asset class. Though they remain a dominant force, millennials are likely to have more competition than ever. Listed below are some of the trends affecting apartment sales.
Before selling your apartment, you should first determine its value. If you’ve been renting it out for a while, you’ll want to set a price range, or at least determine a maximum amount. Then, contact a listing broker. If you’re not sure of the market value, you can always get a second opinion. The second opinion will likely be cheaper than a full appraisal. After the listing agent has determined the market value, they’ll negotiate with the lender and sell your apartment at the highest price.
In Manhattan, apartment sales surged in the third quarter to their highest levels in more than 30 years. This reflects a combination of rising vaccine adoption and improving economic conditions. In fact, the city had a severe housing glut due to Covid, a vaccine maker. While inventory levels are down significantly from last year, they remain high compared to 10 years ago. Moreover, bidding wars continue to intensify in Manhattan. And as long as the market remains stable, Manhattan’s housing market will continue to thrive.
While the price spike has affected the apartment market, looming interest rate hikes and Wall Street bonuses may not have a significant impact on the market. Meanwhile, a few sales in new Manhattan developments have increased by 7.5 percent. This represents an improvement over February, but a slight dip over last year. The market will remain crowded for some time, but it will remain resilient for long-term buyers who are willing to accept lower returns.
As a safe bet for investors, apartment properties commanded eye-popping prices last year. But the year ended with a flurry of large transactions. Two major sales, a $98 million deal for a 424-unit complex in Inver Grove Heights, and a $93 million deal for the RiZE at Opus Park property, shook up the Top 10 list. These big deals helped to boost the market, and are expected to continue to grow in 2018.
The newest member of Valley Apartment Sales Group is Ryan Slater. He holds an undergraduate and master’s degree in English and Spanish and is fluent in French. In his free time, Ryan enjoys reading novels, hiking, and studying Spanish. This is part of his overall sales strategy, and he’s committed to improving the quality of life in his new home. However, in order to sell the property faster, some renovations and staging are necessary.
The real estate industry is a vital component of the city’s economy. In the last year, sales of co-ops and condominiums declined by 57%, while those of one-to-three-family homes decreased by 24%. Despite the slump in apartment sales, the industry contributes to the city’s tax revenue, employs hundreds of New Yorkers, and generates essential revenue for public services. And with the recent decline in housing prices, many buyers are seeking to purchase homes in Manhattan and surrounding neighborhoods.