nyc BLOG estate

nyc BLOG estate

Manhattan Market Third Quarter Report - 2010

Third Quarter Corcoran Report, the quarterly survey of residential real estate sales in Manhattan.  This report compares data based on deals that closed in 3Q 2010 (July 1 through September 30) with those closed in the prior quarter and in the same quarter one year ago.

Thus far in 2010, the Manhattan market has achieved a new equilibrium in pricing and pace. Buyers have been quick to take advantage of favorable interest rates and price points down 20% from their peak in 2008.  However, those prices have stabilized noticeably; in the third quarter most homes appreciated in value by modest margins. 

The Third Quarter has historically been a period of slower activity and 2010 was no exception; the number of sales eased back from the breathless pace of the first two quarters.  In an interesting contrast, sales – which in the first part of the year were dominated by studio and one-bedroom units – saw an increase among larger apartments in the Third Quarter.

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