Island Manhattan - How to take a bite out of the big apple

The television series “sex and the city” revitalized the island of Manhattan and re introduced New York to a brand new generation of people suddenly it was an amazing trend from fashionable cloths to magazines to cosmopolitan cocktail. Manolo Blahnik became instantly popular and no store in America was with out his shoes.

Even the brand of cup cakes the characters used became a hot seller with people lining up to get in to the store.Manhattan is what it is not because of the one TV show. It is some thing more. For decades Manhattan was identified with all that was expensive, luxurious and trendy. No one seems to have tarnished its image as “the“ place, to reside and this façade is not likely to fade away soon.

The island of Manhattan is experiencing a record housing boom despite the crippling housing slump in many parts of the country and new construction activity coming to a grinding halt. There is demand for property as never before leading almost, to housing shortage on the tiny island.This is not something imagined or conjured up or wishful thinking. According to prudential Douglas Elliman inventory in Manhattan fell by31.7 percent to 5204 units in the third quarter from a year ago total of 7623 units while they stayed on the market for 123 days faster than the 150 days in the same period last year.

According to the broker from CNN the number of sales increased 65.6 percent this quarter to 34.99 units as compared to 2113 units sold a year back. There were similar quarterly reports from Brown Harris Stevens, Halstead property and the Corcoran group all three brokers reported shrinking inventory.
Looking at the numbers. A Manhattan apartment, an article says, sold for between a medium price of $ 815000 and $ 895000 in the three months ended September 30. The low price was reported by Halstead and Brown Harris Stevens while prudential Douglas Elliman filed it at $ 864000.

According to Corcoran group the average price of an apartment in Manhattan crossed over $ 1.41.million up 14% from the same quarter last year.Prudential Douglas Elliman quoted $ 1.37 million while Brown Harries Stevens and Halstead reported $ 1.32 million. Corcoran reported the highest average condo price of $ 1.65 million a jump of 18 percent from a year ago. The median price of a condo came to $ 1.15 million up 15% from a year ago.
The highest cooperative price in Manhattan, as per Corcoran was at an average of $ 1.16 million up 10% a year ago. Median cooperative prices rose 7 % to $ 695000.

Why the success

There are a few reasons for the spectacular success of real estate business in Manhattan. It is the trendiest and most desirable place to live in America people are ready to pay for a life style. Supporting neighborhood is not at all the concern in New York. You can have coffee at mid night in New York or buy the best fashion for you from the most luxurious departmental stores surrounding you. Any form of entertainment is at a stone’s throw form your place. People have always protected their life style and it is unlikely to change any time soon.

Financial services industry has helped Manhattan real estate market with four consecutive years of Wall Street homes increases with the last 2 years at record levels. Falling dollar has resulted in a lot of foreign development to New York. When Germany, Japan, and Australia have shown record levels of financial investment in New York property that creates and supports jobs in and around the city.
Keeping themselves above the fray .

Housing slumps problems and issues are due to many sub prime mortgages given to risky borrowers. If these risk borrowers lose their jobs or suffer economic downturn or the rates adjust to increase their payments, they default on their mortgage.Manhattan market is unique in spite of the nation wide housing slump, especially for home buyers. According to Liebman the city does not share the rest of the nation’s problems in real estate because the rules of buying an apartment disqualify a number of unqualified buyers.

According to her cooperatives are stricter than banks.
This is not to encourage the elitist thinking that a few in Manhattan may have co-ops are responsible for the owners of the properties and seriously think about it unlike other areas. Their lengthy and detailed process of screening out potential members will be a great benefit to them as well as the buyer in the long run. If only sub prime mortgage lenders had shown such diligence in lending, the mortgage industry would not have experienced half the problems it has right now.

There are no signs of slowing down regarding New York’s real estate market according to experts. There is a rise in the prices of apartments and condos continuously. If Wall Street achieves records and the dollars falls bringing in foreign investors, apartments and other residences in Manhattan will become more valuable or highly expensive in future. Private investors or residents, Manhattan should appear as more than just a trendy spot for a TV show. It should be realized and understood as a solid, long term investment once and for all.

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