Manhattan Real Estate Market Strong This Summer

High unemployment rates and subpar consumer confidence have not put a dent in the robust Manhattan real estate market. The number of sales in the second quarter of 2010 increased by close to 80%, compared to the same period last year, according to Miller Samuel, one of the leading appraisal firms in Manhattan. In addition, the median sales price of a Manhattan apartment hovered around $900,000 in the second quarter, up more than 7% from the $835,000 recorded in the June quarter of 2009. It still remains a buyer's market in New York (prices are down more than 15% following the Lehman crash in fall 2008), but sellers certainly do not need to despair at the moment.