Manhattan Apartment Prices Soar In 4th Quarter, 2007
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The cost of housing may be struggling nationwide but the problem sure is not being felt in Manhattan, the main borough in New York City. The cost of the average apartment exceeds 1.4 million dollars now. That is a 17 percent increase over the 4th quarter of 2006.
Sales of apartments are up 3.2 percent and the sales cycle has shrunk by 18 days in the past year. I guess the old adage is true, When Wall Street is happy, everybody in Manhattan is happy.
The average price for an apartment reached $1.4 million in the last quarter of 2007, up 17.6 percent from the fourth quarter of 2006, according to data tracked by the brokerage firm Prudential Douglas Elliman.
The reports noted, however, that average prices were being pushed to record levels because of the increasing number of apartments selling at the top end of the market, above $10 million.
Many other indicators also showed that the Manhattan sales market remained strong: the number of apartment sales jumped by 3.2 percent, compared with the same time period the year before; apartments sold an average of 18 days faster than they did a year ago; and the inventory of apartments for sale shrunk by 13.5 percent. New York Times.
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
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