Manhattan properties have steadily increased prices over the years. So, what can be expected of the area's real estate next?
Real Clear Markets reported that the average price of a condominium unit in Manhattan has reached an all-time high in the last quarter of the previous year with about $1.95 million. According to records, the increase in prices of real estate in Manhattan has been continual for the past 20 years.
The same is true for other areas in the country which are considered as popular cities, like Los Angeles, San Francisco and Boston. The question in people's minds now is whether the real estate prices in Manhattan will continue to move up or companies and home owners will start to decrease property values.
Based on the report by Real Clear, the chances of real estate prices in Manhattan to overturn is less likely in the near future, because just like what many cities in the U.S. are experiencing at the moment, there is a high demand for housing but the number of houses for sale cannot meet the requirement.
Add to this, the expensive area in New York City has always been the go-to place of the rich and educated. Many celebrities flock in Manhattan and buy properties to live in the locale. Job opportunities for professionals are never lacking either. Unless unemployment and social life would downgrade in Manhattan soon, people will continue to make it one of the most expensive cities in the country.
On the one hand, the new rules executed by Mayor de Blasio and the U.S. Treasury Department for the super-wealthy regarding buying properties could put a dent to the growing real estate in Manhattan. High-end condominium units are taking a while to be sold and reports say that this may affect the outlook of home investors.
Also, a future event that concerns the environment or politics, may also affect the real estate power in the city, as previously proven by Manhattan history.
