Manhattan - How to take a bite out of the big apple
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.
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.
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 stones
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 .
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 nations 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 Yorks 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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