Tuesday, October 4, 2011

Manhattan New York Property Report 3Q 2011

Manhattan, New York Property Report 3Q 2011

Manhattan, New York:  Sales volume for both condos and coops jumped 17% compared to a year ago, fueled by demand from foreign investors and entry level buyers who took advantage of record low mortgage rates.  Specific to condos, sales volume increased by 33 percent.

The average price of a Manhattan apartment, at $1.46 million, is flat from a year ago.  Meanwhile, average price per square foot at $1,130 is up 3.2%.

The US Dollar declined against 16 of the world's most traded currencies which makes US assets attractive to foreign buyers.  The 30 year mortgage average rate was 4.01% last week, the lowest in Freddie Mac's records since 1971.

Buyers want a piece of Manhattan which represent the center of the developed world.  The surge of Chinese buyers continue and as the video shows, they usually buy cash - without mortgage financing.

Manhattan properties stayed on the market an average of 119 days, down from 125 days, according to Miller Samuel which publishes the Miller Samuel Property Report.

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