What the Luxury Real Estate Market Looks Like Currently
The luxury real estate market in New York City consists of properties with a price tag north of $4 million. After the pandemic caused lows in sales and pushed people outside of the city in 2020, the current luxury real estate market in New York City is set to have a record year in sales. The record numbers for luxury real estate sales set in 2014 are expected to be surpassed this year with volume that doubled last year's transactions at this time. There are several factors that are contributing to the current market, with available inventory and financial opportunity being at the top of the list for many buyers. The potential return on investment for luxury real estate is great, and many buyers are looking to take advantage and hedge against inflation.
The Causes for Continued Optimism in the Luxury Market
Domestic buyers have driven the market for luxury real estate sales during 2021, and the competition is expected to increase when international buyers return to the fold. Many of these buyers have been shut out during the pandemic. They are expected to return after COVID travel restrictions in the US ease for international travelers from Europe and other areas of the world. As the pandemic slowly continues to wind down, people will continue to return to the city causing fewer properties to be available. This trend will likely increase prices due to decreased inventory.
What to Do If You're Looking to Purchase Luxury Real Estate
If you're looking to purchase luxury real estate, having an attorney's help can be beneficial. An attorney can help you assess the pros and cons of your desired property and negotiate and draft your purchase contract. If you are facing eviction, foreclosure, or other real estate questions, call us to help!
Get Professional Assistance
To schedule a consultation with an experienced attorney at The Law Offices of Melvin Monachan, call us at (347) 389-1682 or contact us online.