New York City Real Estate Shows Gains

  • 17 years ago
  • Uncategorized
While the rest of the United States real estate market is in a bit of a slump, the New York City residential market is still solid. In a recent survey reported in New York real estate magazine The Real Deal ( sales are up for the second quarter and prices have increased from the beginning of the year.
According to a report from appraisal firm Miller Samuel, as noted in The Real Deal, Manhattan sales numbers jumped dramatically from a year ago. Looking at these numbers, it looks as if the city’s residential sales are continuing to show a good market. The number of Manhattan sales jumped in the second quarter of 2007, from 1,934 a year ago to 3,939 transactions this year. That number also shows a 13.4% jump from the first quarter of this year.
The average price of Manhattan apartments has also shown some gains from the beginning of this year, though it is down a little from a year ago. The average price in the second quarter was $1.33 million, which is an 8% increase from the beginning of the year.
The New York market has been clearing out old inventory as a number of new properties are scheduled to become available towards the end of this year. This will keep the prices high through the end of the year with all the new apartments and condominiums coming on line. This also means that it is a good time to invest in off-plan property, as prices will stay strong for a while.
A good example of what is round the corner for New York Real Estate is a planned development designed in a unique 35 storey glass tower. The penthouse apartments will be located in up and coming CCW (Columbus Circle West). The soaring 35-storey, 198-unit development offers one; two, three and four-bedroom residences featuring curved floor-to-ceiling window walls.
More Details here

Compare listings