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The Boston Real Estate BlogI am an independent real estate broker, focused on the residential real estate market in downtown Boston. |
Buck That …
The real estate market in New York City has not slowed down at all, this year.
Reports issued this week by four of New York City's top residential property brokerages show that apartments closing in Manhattan during this year's third quarter sold for an average of $1.37 million — an increase of 6.3 percent from the same stretch a year ago.
During that same time period, the number of apartment homes up for sale declined by almost a third to 5,204.
Brokers report that prices have held up far better in Manhattan than other parts of the nation because of the high number of co-ops, which account for 70 percent of the local housing stock. Also, co-ops typically have rules in place that prevent buyers from using the riskiest of mortgage products.
All was not rosy, though, as the number of foreclosure auctions soared 64 percent — particularly hurting several parts of Brooklyn and Queens, most notably Bedford-Stuyvesant and Howard Beach.
Source: New York City Bucks Slowdown Trend - By Christine Haughney, The New York Times, by way of Realtor.org
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NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them i [read more]
Hedge funds have made billions this year shorting the banks, [read more]
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