Confirming exactly what I was seeing on the ground during the 4th Quarter, inventory dwindled on a strong increase in sales, while prices were flat from the 3rd Quarter and down around 10% from the same time the prior year. While as a whole the reports were encouraging, a rebound in sales activity was largely limited to the sub- $1Million range. Whether due to sheer economics or steep and hard to secure jumbo mortgages, I have yet to see any significant increase in volume for properties priced $2 Million and up. But, you have to start somewhere! Perhaps with renewed profits and bonuses on Wall Street and a possibly stabilizing job market, the high end will see a pick-up over the next couple of quarters.
Associate broker for Halstead Property. First licensed in 1991. Dedicated to providing a level of service, knowledge, and professionalism which exceeds all in the industry. Moved to New York at age 7 (over 40 years ago). I love the old New York and I am an infomaniac when it comes to new development in the city. I have a wonderful wife, 3 gorgeous girls, and live on the Upper East Side.
E Mail any time: email@example.com or for real estate matters afine@Halstead.com or just check my real estate page: http://andrewfine.halsteadagent.com/