The real estate markets of New York look set for a rocky year in 2016 as the luxury markets of the city continue to grow at a fast pace. The New York Daily News explains the expected rise in interest rates that will be seen in 2016 could see the markets slow in geographic areas that have seen growth in recent years. Despite the problems New York real estate agents are expecting the continued success of the luxury condo market priced above $10 billion, and the Brooklyn rental market will continue to be successful in the coming months.
A New York based real estate brokerage who is looking for continued success in the luxury markets is Town Residential, which was established by Andrew Heiberger in 2009; Heiberger is a well known figure in the New York real estate scene who has seen his agency become one of the top 10 rated luxury agencies in the Big Apple.
The success of Town Residential is based around the abilities of the agents and management team Andrew Heiberger has assembled over the course of the life of the company. Town Residential regularly appears on the top 50 places to work in New York list because of the support offered by the management of the company and the opportunities offered to talented new agents.
Rising interest rates will make life more difficult for agents across New York city, which will be seen in the fact deals are completed over a longer period of time than experienced agents are used to. The luxury market will remain one of the top areas of growth for real estate professionals who will see entry level properties priced between $1 million and $3 million sell at their usual fast rate. Rental properties are another area expected to be of continued growth as thousands of new rental properties will enter the market in Brooklyn; discounted rents for a limited period are expected to ensure this market continues to be a success in the future.