Big Apple buyers return to snatch up prime Manhattan real estate

The Big Apple's perennial home-buying season kicked into high gear this spring and residential firms are reporting that buyers have come back to Manhattan in droves to snatch up apartments - especially with the rock-bottom mortgage rates and tax incentives.

According to the Real Deal, although the reports showed housing prices were either flat or up modestly compared with last year, sales of co-ops and condos reached pre-recession heights.

According to Halstead Property's 2nd Quarter 2010 Market Report Manhattan apartment closings rose 81% compared to a year ago, reaching their highest level since the third quarter of 2008. The average sale price also continued to improve, climbing 9% from 2009's second quarter to $1,377,135. The median price, which measures the middle of the market, rose 6% over the past year to $842,779.

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