Halstead Property

Diane M. Ramirez
President
dramirez@halstead.com
(212) 381-3203

Honk If You Think It's Over

THE panic in the Manhattan real estate market of the winter of 2009 lifted in the last few weeks, brokers say, as more and more buyers and sellers have found the courage and the comfort level to sign on the dotted line. A bidding war has even occasionally broken out, though at prices far below those of a year ago, and often considerably below asking price....

Deals picked up first among studios and one-bedrooms, which benefited from a combination of lower prices, reduced interest rates and incentives for first-time buyers. Then apartments selling under $3 million began to stir. Finally, in the last few weeks, a number of significant deals have been done in the somnolent market for trophy apartments listed above $10 million, brokers say. Sales of many expensive new Manhattan condominiums remain sluggish, however.

At Halstead Property, Diane Ramirez, the company’s president, said that contract signings in May had surpassed the number of deals reached the year before. She said many of the sales were to first-timers, and to buyers who had long been priced out of the Manhattan market but were now seeing an opportunity to get in. Some buyers who have lost out on previous deals are showing up at open houses and making offers on the spot, she said.

Sunday, June 07, 2009