An upturn in Manhattan’s luxury housing market values and sales is forecasted by leading real estate agent and townhouse specialist, Leslie J. Garfield & Co., who have seen the value of their properties-for-sale portfolio hit a record $542m worth of listings.
Leslie J. Garfield & Co. revealed that since the start of 2017 the size of the firm’s sales listing has risen by 30% and currently stands at 53 properties, consisting of townhouses, mansions and new development listings.
Jed H. Garfield, Managing Partner at Leslie J. Garfield & Co. says: “There is clearly significant pent-up-demand in the Manhattan luxury residential market. Prior to the Presidential elections there was a 15% drop in listings across Manhattan and a significant slowing in sales deals. However with the election out of the way and the summer market commencing, we have seen a 60% rise in inquiries, 40% year-on-year rise in sales and our listings portfolio has risen by 30%. We are extremely busy at present with individual brokers currently managing between $40m and $179m worth of sales instructions.”
Leslie J Garfield & Co. have just published their "Mid Year Townhouse Report" which reveals that several New York City neighborhoods have already begun to witness improvements. Manhattan’s Upper West Side recorded over $252M worth of sales in 1H2017, a 31% increase from 1H2016. Manhattan’s Upper East Side recorded over $535M worth of sales in 1H2017, a 36% increase from 1H2016. The first half of 2017 also witnessed a number of noteworthy sales including 19 East 64th Street for $79.5M, and 715 Madison Avenue for $61.5M.
Ravi Kantha, Senior Real Estate Adviser at Leslie J. Garfield & Co. said, “After a year of relative uncertainty, and a slowdown in the townhouse market, we are beginning to see increased economic confidence and gains. We strongly believe that this record number of property listings is a real indication that the market is set to experience a significant bounce back as we enter the spring selling season.”
Ravi Kantha added: “With the market gaining some much-needed stability, we are receiving plenty of interest from buyers who are becoming increasingly confident about making large property investments.“
To view all Leslie J. Garfield & Co. listings, please visit https://lesliegarfield.com/properties/new-york.