According to the latest batch of market reports, the Hamptons’ luxury residential market is picking back up after a slow year, Downtown Manhattan is seeing a steady rise in rents, and construction spending will exceed $120 billion in the next two years.
Q2 2016 NYC residential sales: REBNY
New York City had a record-breaking quarter with $13.6 billion in residential sales, and the average sales price for the outer boroughs reached a new high. Read the full report here.
U.S. home prices: S&P CoreLogic Case-Shiller Indices
Home prices across 10 major U.S. cities were up on average 5.3 percent year-over-year in August. Read the full report here.
Q3 2016 Hamptons residential sales: Douglas Elliman
The Hamptons’ luxury market picked back up in the third quarter after more than a year of sluggish sales. In the luxury market, sales of homes priced $5 million and above saw a 29 percent increase year-over-year while overall sales volume in the area increased 2 percent during this period. Read the full report here.
Q3 Manhattan office investment and leasing: Colliers International
Rental prices continued to rise in Downtown Manhattan even as rents in Midtown and Midtown South have largely fluctuated over the course of the year. Read the full report here.
Q3 2016 NYC multifamily sales: Ariel Property Advisors
Investors spent less and purchased fewer multifamily building in New York City in the third quarter. The city had $3.1 billion in total sales for the three month, down 18 percent year-over-year. Read the full report here.
NYC construction spending outlook: Building Congress
Construction spending in New York City is expected to reach $127.5 billion between 2016 and 2018. This year alone, developers will spend $43.1 billion on construction of new development projects. Read the full report here.