The Big Apple's perennial home-buying season kicked into high gear this spring and residential firms are reporting that buyers have come back to Manhattan in droves to snatch up apartments - especially with the rock-bottom mortgage rates and tax incentives.
According to the Real Deal, although the reports showed housing prices were either flat or up modestly compared with last year, sales of co-ops and condos reached pre-recession heights.
According to Halstead Property's 2nd Quarter 2010 Market Report Manhattan apartment closings rose 81% compared to a year ago, reaching their highest level since the third quarter of 2008. The average sale price also continued to improve, climbing 9% from 2009's second quarter to $1,377,135. The median price, which measures the middle of the market, rose 6% over the past year to $842,779.
(512) 786-8300 - Austin, TX
Realty Austin, Broker Associate
Whenever we have a recession, I always think its a good time for investors or residents, like Manhattan or Los Angelese. Probably some nice values now.
Jul 17, 2010 11:32 AM
True Sarasota Real Estate - Sarasota, FL
Sarasota Real Estate
I am a graduate of NYU and always enjoy hearing about New York City - especially when its doing well!
Jul 17, 2010 11:41 AM
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