Manhattan, NY (PRWEB) April 09, 2013
The Real Estate Marketing Insider announced that it had selected its Luxury Market of the Week, a title given to the luxury market that displays the most potential for investors, home seekers, and realtors. This week’s selection is Uptown Manhattan, a market often neglected in favor of the famous Downtown area but quickly becoming more attractive.
REMI’s announcement was made after The Hollywood Reporter stated in a news release that rising prices in Downtown Manhattan are quickly outpacing the prices in the nearby Uptown district. Pricey real estate in New York is nothing new, but development of several brand new luxury high-rise condos in the Downtown area has driven the average price per square foot in the Downtown district sky-high. Much of the new real estate is selling for upwards of $6,000 per square foot, with some properties going for over $7,500 per square foot. Despite the steep price point, these Downtown listings are selling. An in-development condo on Charles Street, for instance, has already sold 75 percent of its 91 units for sale, despite not having broken ground yet.
Notwithstanding the increased attention on Downtown properties and prospects, realtors and all but the most affluent buyers will have a lot of trouble getting their foot in the door. This is not the case with Uptown though, where demand is high, but the prices are much more manageable; averaging at just over $2,750 per square foot. REMI has decided to select Uptown as the Luxury Market of the Week because it represents greater potential than Downtown. For buyers, they will have an easier time finding affordable luxury living and face much less competition for homes. For realtors, it’s much easier to get a hold on listings in Uptown, and demand is still high enough that realtors in the market will never have to buy real estate leads to help sell properties. For clients who can avoid getting entranced by the glitz and glamour of the Downtown district, REMI’s Luxury Market of the Week can yield great rewards.
The Real Estate Marketing Insider named Uptown Manhattan its Luxury Market of the Week. REMI announced its choice citing Uptown’s visibility and vibrant market, without the high prices of the more popular Downtown Manhattan.
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The Real Estate Marketing Insider brings readers breaking news, emerging trends, and analysis of the ever-changing real estate market.