Manhattan Housing Boom: Real Estate Industry

Manhattan Housing Boom: Real Estate Industry

This is a great story from CNNMoney.com that shows the Real Estate Industry is not quite as dire as the media would like for us to believe. Aside from some troubled pockets in the US there are MANY, MANY strong markets. Manhattan is one of the strongest! This leads me to believe that some of the larger markets won't be affected as long as we may think. It simply comes down to "Buyers will always be buying, and Sellers will always be selling! What city is next? Can you say Vegas Boom 2.0?

• Manhattan housing boom continues
• Even though the rest of the country may feel the squeeze of the housing slowdown, it hasn't fazed the Big Apple. By Keisha Lamothe, CNNMoney.com staff writer October 2 2007: 12:26 PM EDT
  
• NEW YORK (CNNMoney.com) -- Despite a housing slump across the rest of the nation, home sellers in New York City are selling houses faster with the number of listings reaching a two-year low, according to data released Tuesday. Prudential Douglas Elliman reported that inventory in Manhattan fell 31.7 percent to 5,204 units in the third-quarter from a year-ago total of 7,623 units, while units stayed on the market for 123 days, faster than the 150 days seen in the same period last year.
• The broker reported that the number of sales increased 65.6 percent this quarter to 3,499 units as compared to the 2,113 units sold a year ago. In similar quarterly reports from Brown Harris Stevens, Halstead Property and the Corcoran Group, all three brokers also reported shrinking inventory. Market-wide, a Manhattan apartment sold for between a median price of $815,000 and $895,000 during the three months ended September 30. The low estimate was reported by Halstead and Brown Harris Stevens, while Prudential Douglas Elliman pegged it at $864,000. Corcoran recorded the high figure among the group. (More)

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