Manhattan Real Estate – Signs of the weakness in the beginning of 2011

There is a news on today’s New York Time called “After Months of Growth, Signs of Weakness in the Manhattan Real Estate Market” by Vivians Toy.

Vivians Toy believe, “After more than a year of slow but steady growth, the Manhattan real estate market saw declines in price and sales volume in the first three months of 2011, raising the question of whether the city may finally be following the rest of the nation into a double dip in housing prices”.

Vivians Toy also report “Sales reports to be released on Friday by the city’s largest brokerage firms varied in their conclusions, but each report showed some signs of weakness. Reports from Halstead Property and Brown Harris Stevens were the gloomiest, indicating that after six quarters of consistent growth, the average apartment price fell 5 percent, to $1.36 million, and that the number of sales this quarter, 1,769, was down 23 percent from the same time last year”. And “Data provided by Streeteasy.com mirrored those trends, with average prices down slightly from last year and sales volume dropping by 21 percent. The Corcoran Group showed the number of sales up 6 percent from last year, but the average price down by 4 percent, and Prudential Douglas Elliman showed steady sales volume, but the median sales price at $782,071, down by 9.9 percent from 2010”.

On Prudential Douglas Ellimen 1Q-2011 Market report shows there were more Coops sold than Condos, and the overall prices were below last year’s average priced. Listings inventories are also its lowest in the past three years. It seems too soon to turn the market away from the darkness. However it may also too early to predict the trend of Manhattan real estate market in 2011. When we compare the real estate market between 2010 and 2011, we have to remember the unusually volume of the business last year because of the first-time buyer’s tax credit. That was a dynamic motion force the real estate market forward.

Condo sales were down because there are only 15% of condo buildings in Manhattan and the prices are more expensive than co-op. Comparatively, there were so many co-op inventories seek for affordable prices showing a burst in activity in co-op sale. Mr. Miller said. “If you put that all together with the fact that last year’s bump was somewhat artificial, you see that the market today is weak, but essentially stable.”
Dottie Herman, chief executive of Prudential Douglas Elliman, sounded a cautionary note. The continued difficulty that buyers face when trying to get a mortgage may still hamper the market, she said. “For the market to be really healthy again,” she said, “you have to fix the financing piece, and that’s still up in the air.”

Other useful topical:
• What You Can Get For Your Money – The Neighborhoods of Manhattan
• 5 Tips for Purchasing Real Estate in Manhattan
• Manhattan Real Estate Glossary – Types of Rooms
• Renting vs. Owning
• Manhattan Real Estate – Now is the Best Time to Buy
• New York Homeowners: Sale your home at TOP Dollar
– Tips for Staged the home Appeal to the Buyer

• New York, Manhattan Neighborhood – some mistakes the 1st time buyers will make
• Manhattan Renters — Tips for Reinforce Credit Score to Buy your Dream Home
• BUY Manhattan Apartment – perfect wedding gift

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