Although prices for Manhattan properties remained fairly flat in the beginning of the year, a recent artilce published by the New York Times said that this spring could be a strong sales season. According to the article, published April 3 on nytimes.com, many brokers have seen recent bidding wars on several Manhattan properties.
So, what does this mean? Some say the bidding wars in the Big Apple are an indication of increased buyer confidence. The article also suggested that buyers are realizing just how good a time it is to buy and they're finally understanding that they must bid aggressively.
The article hints at a few reasons for this increased level of buyer confidence. For one thing, interest rates have been sitting at the bottom for a while, so many people are concerned about the rates going up - along with rent prices. Secondly, one major sale (like the recent sale of an $88 million penthouse) can increase the median sale price of the area, further fueling confidence across the board.
To read the full article, click here: http://www.nytimes.com/2012/04/03/realestate/with-manhattan-real-estate-prices-flat-bidding-wars-emerge.html?_r=1
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