We all know Town Residential from its fame and popularity in New York’s luxurious real estate industry. This past year saw Town Residential record one if the biggest sales in luxurious real estate industry. It is one of the few companies that can boast of having good market returns and an increased asset base in the year 2015.
Recently Town Residential realized their market analysis for the last quarter of 2015. One thing was evident, the continuous steady rise in real estate prices by very big margins. Manhattan was one of the places that were worst hit by this rise.
The average real estate sales prices recorded a 5.2% increase; that is$1,976,660. The normal median real estate sales price grew by 16% from 2014 to hit $1,150,000. The price per square foot of space increases by 6.2% from 2014 which was $1,365. The average price per square foot of space rose by 8.4% from the third quarter that was $1,505.
An estimated 20% increase was witnessed in median sales price of condos found in Manhattan. A total of $1,736,250 was gained in the fourth quarter of 2015. Median price per square foot rose to $1,606; this is an 11% increase from the previous year and 7.6% higher than the increase witnessed in the third quarter of 2015.
A Manhattan co-op was averagely priced at $1,272,902 in the fourth quarter, the prices were $1,217,017 in the third quarter of 2015; this is a rise of 4.6%. A year-over-year basis analysis shows an average rise 6.4% in prices of a co-op. The average price per square foot was $1,087; this is an increase of 6.3% from the previous year and higher than the third quarter prices of $1,066.
From this analysis, you will notice a rise in all aspects of real estate prices by averagely 5% each year. This means after 20 years, or even less the prices will have doubled the current prices. This means if you live for 70 years you will witness a triple doubling of real estate prices.