Housing market slump? Not in Manhattan. While mortgage problems affect the majority of the nation, Manhattan’s real estate market is enjoying an incredible surge in their housing sales. For the first time in years, Manhattan is expected to sell at least 10,000 apartments. The upsurge of NYC apartment and condo sales started within the first three months of 2007, and it has not slowed since. By the beginning of July, 7,413 condos and apartments had been sold in the city. The question here is not if Manhattan will reach 10,000 sales, but rather when and where it will happen. Because 31% of all sales in the second quarter of 2007 were below 42nd Street, many are predicting that the 10,000th apartment will be sold somewhere in that area. Whether it will be a lavish 5-bedroom condo with expansive views of the city or a too-small studio with a leaky ceiling, only time will tell us who is the purchaser and where the apartment will be. At some point in the future, the housing market in Manhattan will surely slow, but right now it is not showing the slightest sign of stopping, and the sale of the 10,000 home is proof of that.
Via The New York Observer
News
September 7, 2007Monarch Money
