It’s a good time to be a part of Manhattan’s residential brokerages. With a recovering market, several real estate offices in Manhattan have been able to maintain or even expand their ranks and value. While the number of overall condo listings on the market may have declined, the value of these Manhattan condos has dramatically increased by 12%. This trend is still led out on top by the Corcoran group, boasting both the highest current number of agents and 3.5 billion dollars worth of sales. Other firms such as Prudential Douglas Elliman and Halstead Property are also doing quite well for themselves, showing double-digit percent increases in listings. While the real estate market in Manhattan continues to be dominated by a few big names, these trends of increase seem to predict growing opportunity for real estate agencies in New York.
Given the real estate market’s recent recovery trends, the upper price limit on several properties has been increasing steadily. With newer and better-equipped luxury condos hitting the market, listings are appearing after many years in which the source of new construction buildings was running dry. Given the fact that the trend is leaning towards coveted and expensive condos, any new luxury property put up by a real estate office will see an almost immediate sale. Fewer available listings are leading to a higher demand for these new well-equipped condos. And with new condominiums appearing as fast as they can be sold, the residential brokerages will no doubt continue to expand.
Furthermore, real estate as a field is increasing and improving. While Wall Street is nowadays being viewed with a higher amount of criticism, real estate is a market that seems greatly appealing by comparison. At the present rate of sales on new condos, a listing such as 10 West End Avenue on the Upper West Side or the Sheffield 57 in Clinton would garner a high price and a quick sale for any Manhattan residential brokerage. So long as the market continues its trend of recovery with various pricey listings, it can be hoped that real estate offices will continue their expansion as well.