Town Residential will feature properties on the new Web site
The median price of a three-bedroom apartment in New York has exceeded $3 million, according to real estate firm Town Residential.
For the first quarter of 2015, the New York real estate firm found that shares increased 8.7 percent in the average sale of apartment from $1,683,216 to the current asking price of $1,829,276. Understanding where affluent consumers reside can help luxury brands decide the best neighborhoods to open and maintain a retail presence.
Town Residentials Aggregate reviewed 2,145 residential sales across three distinct asset classes – condominiums, cooperatives and townhouses – from January through March 2015.
In the neighborhood
Town Residential’s Aggregate showed positive pricing during the first quarter with Midtown having the highest median prices for two-bedroom apartments.
Downtown commanded the highest priced one-bedroom units with a median asking price of $975,000.
The average price of a New York condo decreased 8 percent from the fourth quarter of 2014, from $2,457,797 to $2,257,105. In comparison, the co-op market grew modestly with an average sales price of $1,194,152.
Town Residential infographic
In a statement regarding the Aggregate findings, Town Residential CEO/founder Andrew Heiberger said, “From median price points to median price per square foot, we continue to see numbers trend higher than 2014 -- but at a slower and healthier rate. The inventory crunch continues, and while the power is currently still in the hands of the seller, it is the distinctive properties that are priced appropriated which are garnering the most attention from buyers.”
Recently, Town Residential rebranded itself with a new Web site and multi-media marketing campaign that highlights its unique approach and commitment to customer service (see story).