The answer may be yes.
Prices for Manhattan real estate are down 15% in the past year, but lots of federal money coming into the banks have optimism for Wall Street bonus spending. Add to that the return of the international buyers we may be on to something.
Median prices in the fourth quarter were down nearly 15% from a year ago. The average price per square foot fell 17%. Buyers defied the typical seasonal slowness and pounced, sending closings soaring by nearly 50% from a year earlier, according to fourth-quarter data from brokerage The Corcoran Group and PropertyShark.com.
Several market reports expected Tuesday detail a once high-flying market trying to recover from a housing crash and credit-crisis paralysis. While homes are taking longer to sell, there are early signs of improvement: Properties are receiving multiple bids, less inventory is hitting the market and, in the latest quarter, fewer sellers cut prices. International buyers, absent for much of last year, are returning. via the WSJ
Manhattan real estate has soared in recent years. The middle class has been pushed out as rents and property values have gone through the roof. Essentially the city priced itself out of the market.
Now with the correction prices are in a place where buying is still logical for the well heeled. The middle class is still relegated to the outer boroughs, but the rich have pricing that makes sense.
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{ 2 comments… read them below or add one }
NY is the financial capital of the world. If there was ever a time to buy, now is it.
Manhattan is a real estate mad house. It is always crazy there and I am not surprised to hear that the lower prices are causing even more tumult.
-Tyler