Slow, Steady, But Real: Wall Street Journal Examines The Ongoing NYC Condo Market Recovery

Slow and steady in the NYC real estate raceWait, we're still talking about this summer's market for Manhattan apartments? NYC condominium sales in August? You're sure? Strangely, but inarguably, the answer is yes -- unlike with rental statistics, the indicators on the market for Manhattan apartments are a bit longer in gestation, and... well, yes, this is going to be a blog post about a recent report on the NYC condominium market for August, but it's also a post about the most recent statistics we have on apartments for sale in Manhattan. Real estate is funny that way. And what is in this report? Good news, less-good news, and more proof that -- slowly, steadily and undeniably -- the Manhattan condo market is returning to health. So, then. Cast your mind back to this summer -- it was warmer, the Mets were still bumming everybody out, and the expiration of the first-time home-buyer tax credit sent apartment sales cratering in July, to the tune of a 34% decline in sales. Which everyone expected -- the first-time home-buyer tax credit had just expired, if you're just joining us -- but which was also the biggest decline since Radar Logic began tracking these stats in 2000. This means that it would have been just about impossible not to see some sort of improvement in August -- and there was some improvement in August. As it turned out, it was the kind that those searching for NYC condos would most want to see -- one in which prices increased marginally, while sales increased at a faster rate.Relative to August of 2009, NYC condo sales jumped by 9.4% in August, another good sign. Of course, Manhattan condo sales aren't just Manhattan condo sales -- they're an aggregate of condominium sales statistics in various different Manhattan neighborhoods. Unsurprisingly, then some neighborhoods fared much better than others. Prices on apartments for sale in Midtown East and Midtown West condos for sale increased the most, by roughly 15.8% per square foot -- although it's worth knowing that they're still much less expensive than apartments for sale on the Upper West Side or on Chelsea condominiums, for instance. Prices actually fell on apartments for sale in Murray Hill, and tumbled a whopping 4.4% on Financial District condos. And how is the NYC condo market doing right now you ask? Well, it's a good question. We should have an answer for you sometime in February.

NYC Daily Real Estate Blog