Foreclosures across the country are increasing in numbers, but not in Manhattan.
The reason is partly due to closings at 15 Central Park West and The Plaza, and partly because of the increase of foreign buyers. Additionally there has been activity from domestic buyers with new Manhattan developments.
The median sales price of Manhattan condo, co-op and cond-op apartments dropped in January from the month prior to $850,000 from $928,378 - a 9.2 percent change
According to Wells Fargo Economics, the April 2008 economic data showed a fair amount of economic stabilization, suggesting the slump hasn't gained much momentum. Economists have responded by scaling back their worst-case scenarios of deep recession, and risk aversion has ebbed in the fixed income and stock markets.
As of April 2008, New York City Added 48,100 Jobs during Past 12 Months
• This represents a 1.3% increase for the twelve months ending April 2007.
• Sharp gains in the financial and services sectors helped offset the continued loss of manufacturing jobs in the City.
• The national economy added 1.866 million jobs over the past 12 months, a 1.4 % increase.
City Inflation below the Nation's
• For the first time since March of 2006, the annual change in CPI for the New York area was below that of the nation.
• Prices grew at an annual pace of 2.5% in the New York area during April, led by higher energy prices.
While financing is definitely more difficult to obtain, interest rates are lower and it's a favorable time to buy in New York City.
Buyers may not get the deal of the century in Manhattan, but there is definitely room for negotiation.
Any domestic buyer who is hesitant to purchase in Manhattan may want to rethink and buy now. And for foreign buyers, there is now more inventory than in months before.
Buyers who are ready to purchase - domestic or foreign should consult a professional real estate agent who knows the New York market and who can negotiate on their behalf.
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