Thursday, November 8, 2007

NYC Condo Prices Soar in The 3rd Quarter, But Jury Is Still Out

A report just released by the Real Estate Board of New York (REBNY) show that 3rd quarter prices for condos rose by 20% citywide and 25% in Manhattan vs. the same time last year. Coops meanwhile showed a stagnant uptick of just 1%. The report has been the subject of much debate. Third Quarter closings are largely representative of deals struck a quarter earlier (April-June), which, no doubt was prior to the whole Mortgage debacle. While the report may not be indicative of the current market, it does point to the trend that Condo ownership continues to outperform coop ownership.
As for the current market, I can report that at A. Fine Company, we have seen a marked improvement in both web and call volume and a strong increase in sales vs both the August-September freeze and vs. last year. We have seen a strong trend towards foreign buyers, and with the current state of the dollar, this comes as no surprise. While foreign money is pouring into Manhattan, we are seeing alot of domestic money pouring into alternative markets like Long Island City and Harlem.
City Sizzles Amid US Housing Market's Big Chill (NY Post)
City's Apartments See Price Increases In 3rd Q (NY Sun)

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