nyc BLOG estate

nyc BLOG estate

Hot Town, Summer in the City: Residential Market Report

Summer is here and the Manhattan Residential market has not cooled down. Sales activity remains strong, especially among the priciest properties reports The Real Deal.

While new condos hit the market, co-ops are in short supply. Listing inventory is up, but less than last year and the upper end of the market is thriving.

On May 15th I posted the REBNY Residential city wide sales report that reported a 23% increase in apartment sale prices in NYC for the 1st quarter of 07 compared to 06. According to the REBNY report the average first quarter sale price rose to $1,107,000.

Jonathan Miller, president of Miller Samuel appraisal firm says prices rose 5.4% to $1,290,000. There is high level activity across the market and upper-end pricey properties areharder to find.

I've been very busy the last several months. Actually it's been really busy since Thanksgiving. The market has been busy there are bidding wars. Some apartments in bidding wars are selling for 20% above ask.

I really thought after Memorial Day it would be slow and I could get to the beach this summer. I thought wrong. I guess there is always 4th of July.

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