Articles on The Real Deal

More Sales, Higher Prices: Third Quarter Stats Show Prices Rising on NYC Condos Amid Increased Sales Activity

Manhattan Luxury Condos for SaleIt's a function of the way that statistics dribble out over the course of months that it wasn't so very long ago that we were writing about how, despite a bump in sales, second-quarter prices on NYC condos were flat year-over-year. It was fairly surprising, given that more sales and a limited supply of Manhattan apartments would indicate -- even to those, like your blogger, whose economic expertise is limited to auction-style fantasy baseball drafts -- that prices should rise. Supply and demand and elasticity and all that. But the last few years in Manhattan real estate have challenged just about every previously held belief most market-watchers have, and there the numbers were, tracking right alongside 2009's. The second quarter numbers, that is. With the arrival of the third quarter stats, it looks like things in the NYC condominium market have straightened themselves out. Which means that, belatedly, prices on Manhattan apartment listings did indeed climb in the last quarter, both over the second quarter and over the third quarter of 2009. Good news for fundamental economic rules, not-as-good news for Manhattan condo buyers, right? As usual, it's a little more complicated than that.

Looking Good: Architecture Critics Praise 535 West End Avenue, The Upper West Side Condo With Classic Chicago Looks

535 WestEnd in the Upper West SideNew York City is a pretty great place, and this is true whether you're searching for a Manhattan condominium or not. But it can also be something of a closed circuit -- if New York is great (and it is), then it would seem to follow that everything that's great here is perhaps a bit greater than everything everywhere else. That's actually true when it comes to pastrami, luxury condominiums and a handful of other things, but of course it's not so across the board. But if you live in Manhattan long enough, it can come to seem that way. So it may give some New York-y New Construction Manhattan readers pause to see the elegant new Upper West Side condominium 535 West End Avenue praised for its Chicago-style aesthetics. Chicago, like the Second City? Yes, like that one: the one with better sausage-related food, a better hockey team and a unique and striking architectural heritage of its own. 535 West End has already emerged as a rising star among Upper West Side condominium listings, but understanding what makes Chicago so uncommonly attractive is a big part of what makes 535 West End Avenue such a looker.