Condo prices have been absolutely shooting through the roof in 2012. Recent notable sales include a $88 million penthouse at 15 Central Park West and a $90 million penthouse at One57 in Midtown. Brokers and experts are now rather confident that these immense sales have signalled a new trend of eagerness and activity in the market. Soon, Manhattan residents can expect to see sales of luxury condos easily soar to new heights in the $90 million range. The luxury property owner can rejoice as the age of the $90 million apartments may soon arrive in full.

Adding to the spate of good news coming from the real estate market in New York City, a new report has revealed that the number of permits issued for new homes in Manhattan has increased by nearly ten times the amount from last year. This should come as good news for apartment hunters in the city--New York City, as a whole, has performed really well--and the report issued by the Real Estate Board of New York has revealed that the number of permits issued have increased in the first five months of 2012, as compared to figures from last year.

Just how far has Manhattan’s ultra-luxury sales market gotten from the typical price range? In other words, does the average luxury market sale still even fall anywhere in the ballpark of a normal market sale in terms of price? In Manhattan, luxury market sales are always the attention-grabbing ones, with the finest condos in Manhattan seeming to generate by far and away the most headlines. And as it turns out, this hype over ultra-luxury sales is indeed pretty accurate: the prices that the average luxury market sales generate have gone into an entirely separate league fromManhattan sales as a whole.

A plan to turn a vacant Tribeca lot into two new condominiums is once again underway after an almost nine year delay. Developers Andreas Giacoumis, along with Darrin Krampus of BORO Architects, presented Committee Board 1 with original designs for 246 Front Street and 267 Water Street, which were supposed to be erected in 2003 when the Landmark Preservation Commission approved the plans. The economy experienced a sharp downturn, however, and developers became wary of building new property throughout Manhattan neighborhoods, so the project was stalled.

Before Lehman Brothers collapsed and caused the housing market to begin its downward spiral in 2008, New York City was the desired destination for several luxury condo projects in Manhattan, Brooklyn and the Bronx. There were a number of high-rises expected to add to the city’s already impressive skyline, but the recession cast an awful pall over the condo sector, and several of these planned projects were thrown into oblivion. But with , developers are expecting to see a “development renaissance,” with about 1,500 new condominiums are expected to rise in the next few years in the area below 96th Street in Manhattan.

It’s an interesting time for the Manhattan real estate market: Sure, inventory levels are low, but price stability, active buyers and a fast absorption rate are keeping the market remarkably healthy. With the latest reports issued at the beginning of the month, it is apparent that there is a deficiency in newly constructed properties, but steadiness in numbers is providing strength where it is appropriately needed.

As we bid farewell to June 2012, it’s fair to ponder: how exactly has the Manhattan real estate market done so far this year in comparison to the past few years? Since the collapse of Lehman four years back, the buying trends of Manhattan apartments has been a subject of intensive analysis and concern. From the perspective of supply (amount of available inventory) vs. demand (amount of sales), 2012 has brought about . With such a disparity in the statistics of condo sales since 2009, it’s obvious that, as a whole, confidence in the Manhattan real estate market has revived enough for a solid surge in sales.

Contrary to popular belief, the summer months can be a quality time to put a Manhattan home on the market. A lot of momentum in the spring season tends to carry into the summer, substantially due to the fact that there is such a limited inventory. In order to be successful during these months, there are a few factors a seller needs to consider before listing a home. With these factors in mind, as well as the condition of the listing, this summer may be the opportune time to list your home in New York City’s real estate market.

Last week, newsfeeds were flooded with speculation that the $100 million NYC apartment sale barrier had been broken, as Manhattan real estate has yet to see a transaction like this occur. New Construction Manhattan has been forecasting the most expensive sale of a New York City residential unit to transpire at the yet-to-be finished One57, a new Manhattan condominium that has already accumulated hundreds of millions of dollars in apartment sales. Reports indicated Qatar’s powerful prime minister, Sheik Hamad bin Jassim bin Jaber al-Thani, would shell out $250 million to purchase the city’s most expensive penthouse, along with four separate full-floor condos in the 90-story building.