Sunday, June 15, 2008

Is The Manhattan Real Estate Market Holding Steady?

As a real estate agent in Manhattan, people often tell me they are sorry that things are so bad in real estate.

While I agree with that sentiment for many of my fellow brokers in hard hit areas across the country, the first quarter of 2008 in Manhattan did not show an ailing market at all. To the contrary, Manhattan real estate actually dramatically increased in value during that time.

The luxury market played a large role in increasing the value of the real estate market. The sales from those apartments have continued to aide the market, even as the national business media focuses on the ailing national economy.
Condo sales have slowed and inventory has grown, leaving developers to negotiate but not slash prices.

The Upper East Side has seen fewer increases compared to more popular and trendy neighborhoods.

Those who want to live on the Upper West Side are being priced out and looking farther north.

The greatest price cuts were in the West Village, where three changes brought the average net price change to $2.2 million.

While there is still ample concern over the future of the national market, it is doubtful that the Manhattan market will share the fate that markets across the country are enduring.

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