The Third Quarter reports are in, and they are, for the most part, very positive. While sales volume and prices were down vs. the same quarter in 2008, prices were flat and volume was way up vs. Q2. If you were reading the blog over the summer, you could say you heard it here first.
While September was a jumble of vacation time, a late Labor Day, and early Jewish holidays, the market took a slight breather, so we won't have a true indication of continuation of trend until later this month. I will stick to my forecast of price appreciation and volume increases no later than the First Quarter of 2010.
On another note, I would like to turn everyone's attention to a relatively new site called NewYorkBlips.com. It is an aggregator much like Delicious, or Digg, but concentrates on New York. It is worth a look. It is another great resource to follow the goings-on of the city. Oh, and feel free to vote up A. Fine Blog stories!
Manhattan Market Reports Bring Good News (The Real Deal)
NYC Housing Sales Spike In 3rd Q (vs. 2nd Q) (Newsday)
Manhattan Prices Stabilize (CNN/Money)
Manhattan Real Estate Turning The Corner? (NYDN)
Starwood CEO: Surging Demand For NYC Hotel Rooms A Harbinger Of Turnaround (Bloomberg)
Dozens Indicted In Building Inspector Bribery Scam (AP)
Justice Sotomayor Will Hold Village Apartment Rather Than Sell In This Market (AP)
Feds Look Into Madoff's Kids' Nantucket Digs (Property Wire)
Houston Rockets Owner Looks For Huge Score On Superior Ink Penthouse (Curbed)