With the rest of the country in a real estate slump, that's hardly the case for Manhattan.
Between October and December, 2007 a great deal of money was spent on very expensive apartments in Manhattan. The average price of a Manhattan apartment rose to a record $1.43 million, a heavy 34% increase from the end of 2006. The median price jumped 14% to $828,000, also a record high.
The rapid weakening of the U.S. dollar against the British pound sterling and the euro noticeably lowers the cost of New York real estate for Europeans. And with the U.S. dollar weakening 2 percent against the Japanese yen, international buyers have become a core of Manhattan homebuyers - especially for two and three bedroom apartments or larger.
Foreigners are abundant on the streets of New York, buying everything from apartments to clothing. A huge arrival of Manhattan buyers from Europe, Japan, Korea and Russia have joined the ranks of Manhattan homeowners.
Additionally the surprising Wall Street bonuses are expected to bring sales from buyers who pay all cash or, who fully qualify for mortgages with a great deal of post-closing assets.
The growing influx of foreigners buying homes in New York City for work and play and as investments is rapidly growing. According to the National Association of Realtors, "One in 5 Realtors in the U.S. has sold a home to a foreign investor in the last year."
Global investors are looking for places to invest their cash. And Manhattan is just the place for these investments ... with another expected record in apartment sales in 2008.
Manhattan boasts some of the most prominent addresses such as The Plaza and Central Park West which are averaging $3,500-4,000 a square foot. In London these same properties would sell at over $6000 a square foot.
Now is definitely the time to buy real estate in Manhattan.