Judging by the numbers released in a first quarter sales report, the Manhattan sales market is nothing if not reliable. The market exhibited stability on both a quarterly and yearly basis, and one could argue that this consistency is its defining trait. In the context of heightened economic uncertainty caused by S&P’s downgrade of U.S. debt, the debt crisis that gripped the Eurozone, a volatile stock market, a credit crunch, and concerns about the state of Wall Street bonuses, this stability is all the more impressive. The ability of Manhattan luxury apartments to weather harsh economic conditions bodes well for the future because it further cements their reputation as safe investments. Plus, the low-end of the sales market is flourishing, serving as the engine for market activity in the first quarter; it's been strong enough to carry the market through these rough waters.
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