As 2013 draws to a close and Ryan Seacrest prepares to welcome the new year in Times Square with more than a million people, as a New York-metro lawyer, I like to reflect on the biggest industry trends and moments of the past year. For me, these are the stories that defined 2013 in real estate this year:
New Development – Brand new ultra-luxury condominiums designed for the uber-rich surged 20 percent in 2013 with prices surpassing pre-recession numbers.
Big Tickets – Pricing of resale properties remained sky-high this year. The luxury market continued to be active and reach new heights in 2013. With multiple listings in the $100 million price range on the market at year-end, 2014 will look to continue the trend.
Foreign Buyers – In 2013, foreign buyers continued to gobble up real estate across the country, with New York at the top of their list. Affluent globetrotters looking for a stateside residence or investment property take advantage of the domestic bargain prices while many foreign markets are experiencing tight regulations. Buyers are coming from all over the world, but China, Russia, Canada, Brazil and Venezuela tend to produce the most buying activity in 2013.
Industry Celebrity – Within luxury market activity, big names usually coincide with big price tags. Not only do the sellers and buyers make headlines during a high-end transaction, but with the revival of new development, developers themselves and their partnering professionals such as renowned architects and interior designers share the spotlight adding value and brand appeal to new projects.
Hot markets – According to Realtor.com, the hottest housing markets in the US in 2013 as marked by the biggest increase in home prices and largest decline in inventory are: Reno; San Diego; Portland, OR; Detroit; Los Angeles; Seattle; San Jose, CA; Santa Barbara, CA; Orange, CA; Oakland, CA.
Felix Nihamin & Associates, P.C. wishes you peace and prosperity in the new year! For all of your real estate needs in 2014, contact Felix Nihamin and Associates, P.C. 212-502-4868, ext 302.