No Market Downturn in New York

Jan 03, 2008

The average sales price for an apartment in Manhattan increased by a hefty 34% in the fourth quarter of 2007, compared to the same period last year according to Miller Samuel, a leading independent Manhattan appraisal firm. The majority of the gains were concentrated in the luxury market, apartments valued at more than $2.75 million. Despite some shaky U.S. economic conditions, the New York real estate market continues to benefit from wealthy foreign buyers and the increasing pool of Wall Street bonus money. Consequently, this is still no the market for buyers looking for a bargain.

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