Wednesday, September 26, 2012
Manhattan Apartment Sales Highest Since Crash
The Wall Street Journal, in the article Manhattan Sales Continue To Climb, reported that Manhattan apartment sales is at the highest level since the crash.
Sales in the third quarter of 2012 was up 9.3% compared to last year. This is also the highest sales pace since the third quarter of 2008 when a financial crisis was triggered by the collapse of Lehman Brothers.
WSJ mentioned prices in the analysis still exclude sales at One57 (pictured) as those would only close next year.
Limited supply, bidding wars, low interest rates and high rents are the current dynamics of the current Manhattan market.
Wei Min Tan is Managing Director of Castle Avenue Partners and focuses on luxury condominiums in Manhattan. He was most recently interviewed by South China Morning Post on Foreign Buyers of Manhattan property.