This new strength in the dollar has been reflected in the real estate market with an increase in overall home sales nationwide. Take New York City for instance – the ultra-premium over $10 million apartment market in 2016 saw a 5% sales decrease, but the smaller and less pricey premium condos in New York — especially those downtown — go fast and are in short supply. About half of the Manhattan luxury condos were sold solely from new development floor plans. Note – One57, in Midtown Manhattan, still holds the record for the most expensive apartment sale in New York City. Their duplex penthouse sold for over $100 million.
The main driver of all this, in most markets, is jobs. As long as companies are creating jobs in an area, people with good jobs will buy up the available supply of properties. That impacts everything from commercial real estate to apartments to houses and more.
With New York’s heavy international presence from the United Nations to world embassies and multinational companies, more jobs are being created. The real estate market is on its way up after the ‘slump’ that started last spring and lasted until President Trump took office. The sales bump is partially attributed to the strong stock market and the optimism about financial deregulation expected from the current U.S. administration.
So what do you do if you live and work in New York City but don’t have at least $2 million in your back pocket to purchase a home? You rent. You rent an apartment just like the majority of New Yorkers do in Manhattan. Where’s the best place to live? Midtown West Manhattan of course. Everybody wants a Westside address. And you can have one at VIA 57 West in Midtown West Manhattan at 625 West 57th Street. VIA 57 West it’s known as the Pyramid of Manhattan and you can’t miss it on the waterfront.
VIA 57 West offers luxury high-rise Manhattan apartments in an eco-friendly and pet-friendly environment. Each aspect of VIA 57 West’s design has been thoughtfully planned to save water, reduce energy needs and promote the wellness for its residents. To coordinate a tour of VIA 57 West, check availability or just gather some more information, check out their website at – https://www.via57west.com/.