NEW YORK--(BUSINESS WIRE)--TOWN Residential is proud to announce the launch of its Economics at a Glance, consisting of monthly updates on economic trends as they relate to the Manhattan luxury real estate market and asset prices. Beginning with the first quarter of 2013, TOWN had entered the arena of real estate data and analysis with its quarterly sales report, The Aggregate, focusing on pricing trends for Manhattan Condos, Co-ops, Townhouses and the Luxury Market. Now, monthly supplemental updates are being published and distributed by TOWN, beginning with this July summary report, which explores employment activity as it relates to housing, along with a look at the S&P 500 stock index and the 30-year Fixed Rate Mortgage.
“We have begun to track greater economic data as it relates to real estate with the purpose of educating TOWN representatives on current trends and providing information on our regional market,” said Damien Parker, TOWN’s Chief Statistician. “The focus has been on correlations among different components of the economy, particularly with regard to assets here in NYC.”
As TOWN proceeds in these endeavors, its reports will break down pricing metrics into micro-neighborhood analyses with geo-coded transactional data from the public record that its research team has synced with the Manhattan RLS. Presently, TOWN is developing reports that incorporate government census data on construction building permits, housing starts, employment, financial and real estate data to display trends in the Manhattan market.
"Manhattan real estate is firing on all cylinders in all segments, both with contracts signed (new business) and contracts closed (revenues),” explained Andrew Heiberger, Founder and CEO of TOWN Residential. “Luxury Sales are still experiencing bidding wars -- especially in prime neighborhoods and below 6 million dollars. Most well executed new developments currently on the market both uptown and downtown are over 75-to 80-percent sold. Land prices are at all-time highs. Luxury Rentals are scarce and absorbing at record prices and approaching 100 dollars per foot or more for the best. New rental developments are scarce due to record land prices, but when they hit the market, they are snapped up at twice the normal pace of business.”
“It will be interesting to see what impact the rising interest rates and improving jobs market has on Manhattan’s pricing and demand,” Heiberger continued. “For sure, Brooklyn and Queens will continue to rise as they become neighborhoods of choice and are much more affordable (for now).”
Click here to view TOWN Residential’s July 2013 Summary Report: Economics at a Glance
ABOUT TOWN:
Launched by Founder and CEO Andrew Heiberger in 2010, TOWN is a fully integrated Manhattan real estate services firm specializing in luxury residential sales, rentals and the marketing of new development sales and rentals. TOWN Residential is a partnership between Andrew Heiberger and Thor Equities, a leading real estate development and investment firm. An integral part of the New York real estate landscape, TOWN has a team that exceeds 500 licensed representatives and staff in eight neighborhood locations: TOWN Greenwich Village, opened in April 2013 at 530 LaGuardia Place; TOWN SoHo, a landmarked corner storefront at 337 West Broadway and Grand Street dating to 1886; TOWN Upper East Side, a corner storefront at 239 East 79th Street and Second Avenue; TOWN West Village, a federal-style townhouse at 45 Horatio Street; TOWN Astor Place, a block-front space overlooking historic Astor Place in the Gwathmey Siegel-designed Sculpture for Living at 26 Astor Place; TOWN Fifth Avenue, located in the prestigious Crown Building at 730 Fifth Avenue and also home to TOWN’s corporate headquarters; and TOWN Flatiron located at 110 Fifth Avenue and TOWN Financial District, located at 88 Greenwich Street, both of which opened in December 2010.
