The Nuts & Bolts For Efficient Business Properties Strategies

The average price of a Manhattan co-op also increased during the first quarter, rising 2.71% from $1,259,917 to $1,295,061. On a year-over-year basis, the median co-op price rose 5.81% with median price per square foot trends confirming this gain, rising both quarter-to-quarter and year-over-year. 2016 has emerged as a market with natural dynamics at play and is demonstrating the effects of the recent wave of uncertainty experienced within the global and equity markets, said Andrew Heiberger, founder and CEO, TOWN Residential. There were an estimated 2,388 contracts signed during the first quarter, a 22% reduction from the same period last year. We are encountering a very price-point specific marketplace with wide disparity in the pace of demand within the various sectors. Properties priced under $2 million are met with a continued flurry of activity while the pace of the ultra-luxury market has slowed considerably, said Wendy Maitland, President of Sales, TOWN Residential. Buyers in the $2 million and under segment have not experienced any real slowdown in activity or influx of inventory. This is met with contrast by the mid- to high price points where buyers are starting to see some relief and sellers have begun to adjust their price expectations and become much more cognizant of buyer sensitivities. Within the first quarter of 2016, 604 Manhattan properties saw price reductions, with the average reduction 5.88% off of last asking price.

http://www.prweb.com/releases/2016/04/prweb13307393.htm

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