Manhattan condominium sales continue to pick up momentum

According to an article in the Wall Street Journal, March, condo sales activity more than doubled, rising 101.2% compared with a year earlier. This was reported to the WSJ by the RPX index designed by Radar Logic Inc. Sales in March were down 6.6% when compared with a month earlier.

The report goes on to say that existing unit sales increased 154% in March from a year earlier, and that new unit sales declined 25% in March.

According to Radar Logic, there was also a shift towards sales for small and inexpensive condo units in the $400,000-$600,000 range.

They say that condo prices, as measured by square foot, were down 14.9% in March compared with the same month a year ago.

Radar Logic also reported that prices declined in seven of the eight neighborhoods they tracked. The biggest decline was on the Upper East Side, where average prices fell 28.8% to $925.93 a square foot.

The only neighborhood that posted an increase in prices was the East Village/Lower East Side, where prices per square foot rose 1% to $903.64.

Despite the large year-over-year increase in sales activity, Radar Logic reports that sales remain low in comparison to the top sales activity in 2007.

Being Green Without Breaking The Bank

You don't have to install solar panels in order to be green. You can be green and use cost cutting strategies and reduce your carbon footprint which can payback in about two years.

• Install Low Flow Fixtures
Cost: $3 to $30
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the gas or electricity used to heat your water.

• Use Air Filters Cost: $1 - $12
By cleaning or replacing your cooling system or air conditioning filters you
save on about 7 percent in electricity.

• Seal Air Leaks
Cost: $10 per window and $20 per door.
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caulked, doors weather stripped.

• Add Window Treatments
Cost $10 - $150
Shades, blinds and curtains can cut cooling and heating costs.

• Use Compact Fluorescent Lighting
Cost $3 - $5 per bulb
They use 75 percent less energy than regular bulbs

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These cost-effective ideas will not only save you money, but you’ll be doing your part to save the planet.

Third Quarter 2009 Manhattan Sales and Rentals

Third Quarter 2009 Manhattan Sales Market Report

Third Quarter 2009 Manhattan Rental Market Report

2nd Quarter 2009 Manhattan Sales

Second-quarter sales prices fell nearly 20% in a year, while sales volumes drop like stones. The number of months on the market now doubles the decade's average.

The Manhattan residential real estate market showed little sign of recovery during the second quarter.

Some of the reports attributed the second-quarter price drop-off to sales back in early 2008 of high-priced units at The Plaza and 15 Central Park West. Some apartments at those luxury buildings sold for as much as $4,000 per square foot in the second quarter of last year. Greg Heym, chief economist at Halstead Property, said "adding that this year's third- and fourth-quarter sale prices should more accurately reflect the market."

To that end, Manhattan buyers are on the streets, as it's a great time to buy in Manhattan.

Read Halstead Property's 2nd Quarter 2009 Sales Market Report Here

4th Quarter, 2008 Market Report

While real estate could be better across the country,the average price for Manhattan apartments only fell 2% from the 3rd Quarter of 2008.

Apartments sold during the 4th quarter spent 16 days longer on the market than a year ago, a 19% increase. Sellers received a bit under 95% of their asking price down from almost 98% in the 4th quarter of 2007.

I offer you the market report for 4th Quarter, 2008.