The investment market reports are a great indication of sales within the city of Manhattan. When they go up, the market is doing well. When they fall, it is not doing well. The investment sales in Manhattan’s market went down in 2017 during its first quarter. Here is a basic breakdown of the details of the market reports for the best real estate investments.
The Residential and Luxury Sales
There were fourteen contracts which were signed in 2017 within the first quarter alone. These are just the luxury home contracts (Tevfik Arif Doyen) that were signed within that time frame. There are other investments to consider when evaluating the viability of the market in the area. In the last week of the year, there were fourteen contracts that were valued at $4 million or greater in valuation. According to the big authority in this field of reality, CityRealty Bayrock, the average Manhattan luxury condo sells for $2,788 a square foot. An increase of 3.4 percent was the typical average during the year, that is an increase over the last decade. Again, this is just luxury sales.
New York is well known for being one of the most diverse populations of homeowners in the nation. It makes it one of the best places to live in the nation. The retention of home values is beyond compare. The profit margin is amazing for anyone considering investing in real estate.
Most home owners will buy a home and divide it into apartments that rent before they are even vacant. This is an additional benefit in real estate investment in New York. It is also an amazing insight into the market because of the sheer diversity of home owners. Many investors understandably want to know this information before even considering any real estate investments.
Sale profits from investments in the city have totaled $10.8 million on the first half alone, an increase since last year alone. That makes it an amazing place to invest any money in real estate. It has traditionally been a place to make millions within the market.
The vacancy rates are stable too. Most places are rented before they are vacant. In some cases, this can be years in advance. There are few places available which are vacant in the city. This is just one more reason to invest in the area. It is incredibly stable for any real estate investments.
The Racial Breakdown
While some might think it inappropriate to evaluate, others do want to know the racial breakdown of the area prior to investing. For that reason, here are the details of the racial breakdown. There is a 7 percent of the population which did not report to the racial valuation. Of the home owners that did report, 59% are white or report as white to the census reports. Only 34% are minorities.
While one would think that the great city of New York would be the place for commercial investments. That would not be an accurate valuation. There are only 4% of the population which is comprised of commercial real estate.
For retail investments, the same stability for vacancy applied in 2017 but had an additional increase of 18.7% over the last quarter of the year. This is another excellent place to make investments into the real estate market in New York, within the city of Manhattan.
In summary, the markets are fairly stable for any real estate investments within the city of Manhattan.