Those who read the New Construction Manhattan blog with any regularity are familiar with the fact that the market for NYC condos is in the midst of what appears to be a pretty spectacular rally after some rough years. Really, anyone who reads about NYC real estate anywhere is probably aware of this -- those years were pretty rough, the rally is pretty impressive, and most everyone who has anything to do with Manhattan apartment sales is happier than they've been in years.One odd detail about the Manhattan real estate recovery, which we wrote about last week, is the way in which Manhattan condo prices have stayed flat while sales volume has soared. That strange, buyer-friendly quirk in the Manhattan condo market got that much less anecdotal with the latest round of information from ResidentialNYC.com, which confirms that second quarter Manhattan condo sales did indeed spike, with only a relatively modest spike in prices. "Citywide, apartment sales volume increased year-over-year 65 percent. In addition, Manhattan apartment sales volume increased 82 percent," The Real Deal reports. "Recent market reports from the city's major residential brokerages similarly declared that home sales volume has increased citywide, but found that prices have remained flat. 'The trend that emerged in previous quarters is enduring, and we are optimistic that this indicates a return to a healthy market,' said Steven Spinola, president of REBNY." You know, Steven Spinola, we're optimistic about that, too. The fact that apartment prices did indeed rise somewhat in the second quarter is something of a bummer on an emotional level, if also probably inevitable in terms of basic economics. For the time being, though, we'd still term the NYC condo market a buyer's market -- the decline in concessions and modest rise in prices aside, it's still a much better time to be searching for Manhattan apartments than selling them. These things equal out, but Manhattan home buyers aren't being unrealistic in hoping for at least another quarter of healthy sales and comparatively gentle prices.
Caught on the Rebound: Spike In NYC Apartment Sales Reflects Further Improvement In Manhattan Real Estate Market
Posted on Mon, 2010-07-26 19:13