New York real estate update

October 9, 2009 by · Leave a Comment
Filed under: Home Searches, New York 

new-york-500Good news is always welcome in this day and age when the worldwide economic meltdown had affected the pocketbooks of most people around the globe.  J.W. Elphinstone of the Associated Press reported October 2, 2009, that “Sales of apartments and co-op units in Manhattan soared between 46 and 69 percent from the second to the third quarter, according to a handful of reports.”  However, the article clarified that “the median price in the July-September period slipped 2 percent from the second quarter, and was down between 8 and 18 percent from last year to a range of $760,000 to $850,000.”

While many people believe that New York real estate is on the upswing, Elphinstone’s report cited Jonathan Miller, the president of real estate appraisal for Miller Samuel, Inc., as saying that “this is all good news but doesn’t suggest we’re at the bottom yet.”  This is somewhat scary for many New Yorkers hoping to get through this century’s scariest and most devastating economic downturn.  However, for the homebuyer, two percent more got their asking price, compared to the previous quarter where only ninety-three got what they wanted when selling their real estate in New York

Also on October 2, 2009, Les Christie of CNNMoney reported that “the cost of entry onto the crowded island of Manhattan, one of the most expensive real estate markets in the nation, may have gotten a little steeper in the past three months.”  This is welcome news as so many New York homes for sale have gone for much less than they would’ve just a couple of years ago.  According to reports, the median price of a home in Manhattan rose 1.7 percent to just about $850,000.  Unlike the Associated Press Report, Christie and the contributors to the report claim that the market is stabilizing.  Part of this stabilization is most likely due to an increase of buyers who have returned to the market.  Several analysts saw a “surge of activity” as a result of reduced home prices.  They warn, unfortunately, that there is still “much more pain to come” and that “we may not have reached the bottom of bottoms yet.”