The Weathering Decline Of Property Boom In New York City

TOWN Residential is a top tier real estate firm that deals majorly with selling, leasing, marketing of luxury apartments as well as leasing property developments. Its offices are located in convenient and accessible areas in New York City’s neighborhoods. TOWN Residential Company was founded in the year 2010 by Andrew Heiberger and is co-chaired by Joseph Sitt. Over the years TOWN Residential has established a culture of excellence making it unrivaled in the real estate industry on in New York. This is seen by the number of accolades the firm has received, notably among them Top 50 best places to work for in New York City and also Best Firm to work.

TOWN Residential representatives are qualified professionals, and excellent service is assured to all clients served by them. They have a wealth of knowledge in real estate industry matters informed by proper and current research. The management of TOWN Residential is excellent creating a positive work atmosphere for employees and welcoming atmosphere for clients. Clients looking for apartments in New York are now in luck because coupled with excellent service of TOWN Residential; vacancies are on an increase.

According to a Zero Hedge release Submitted by Tyler Duden on 12th November 2015, there is a surge in vacant houses in New York unlike any surge seen in the last nine years. A survey conducted by Miller Samuel Inc. and brokerage firm Douglas Elliman shows a rise in vacancy rates to 2.87 percent in November 2015, higher than a rate of 2.31 percent reported at around the same time last year, the highest rate ever reported since August 2006. The average rent price also rose by 3.9 percent to $ 3361 in November while leasing prices shot up by 18 percent, the highest in June 2009.These statistics show that tenants are increasingly unaccepting of costly rent. While there has been no difference in conditions causing rent prices to go up, customers are now more unwilling to pay higher prices. Landlords have been forced therefore to choose either between decreasing their rent and continuing to have vacancies, and the highest number of concessions has been seen since 2011. On the other hand, the average price of luxury apartments fell by 1.4 percent to $ 8537. TOWN Residential uses a unique formula for marketing and leasing property whatever the price point by use of online and print media and industry syndication and, therefore, the firm would serve their clients efficiently at this critical time in the industry.

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