Manhattan Housing Prices Mark Normally Markets

Manhattan apartment prices have not changed rather than down in the second quarter when the market returned to inventory and sales levels are normal, according to reports from the largest brokers in the city of New York.

The average housing price per square foot fell 0.5% in the second quarter from a year earlier to 1.051 dollars, according to Prudential Douglas Elliman report. Corcoran report said that figure was up 1% from last year.

"It seems we are moving sideways," said Jonathan Miller, who wrote the Elliman report. "Too early to call it housing recovery because of the word recovery means to improve. When people say recovery, what they really say is that the situation does not worsen. But only that far."

Intermediate housing Price gave the story a little more positive, with reports StreetEasy.com showed increased 2.6% to 800,000 dollars. Elliman showed 7.6% increase to 899,000 dollars.

But it reflects the appreciation of housing that is easy comparisons with last year, when the housing market is still "pale", says Sofia Song of StreetEasy.com, a real estate information website.

In addition, the average size of apartments or houses sold increased by 9.7%, says Miller, which means the apartment or housing a larger and more expensive to produce a large percentage of residential sales.

Housing prices should be stronger in the second quarter, according to the normal pattern of seasonal housing, said Song.

The psychological impact of federal tax credits for buyers of housing first to help keep housing prices remain stable, said Corcoran CEO Pam Liebman.

Many income of home buyers in Manhattan mortgage exceeds 125,000 dollars, but still having an impact.

"It makes a lot of people think that this is a good time to buy," he said.

Indeed, housing sales increased 80%, while inventory increased, but only slightly, said Miller.

But that only means that housing sales and inventory consistent with an average of 10 years of them, said Miller.

High end of the housing market showed unexpected strength in the second quarter, Liebman said, with a three-bedroom apartment prices rose 5% to 2.8 million dollars.

Three bedroom apartment forming 18% of total sales this quarter, compared with 12% moved at last quarter and 12% from last year, said Miller.

"We have been seeing more traction in the middle to upper housing markets," he said, saying that in a typical housing cycle Manhattan, lower middle market back first after correction, while the upper middle class housing come in after that.

The prices of housing in Manhattan's rich environment such as the most powerful compared to other regions, especially on the Upper West Side and Fifth Avenue, said Liebman.

"In the marketplace there is a shortage of inventory," he said. "You will witness an appreciation in those markets."

But in general, housing prices will not rise in the third quarter, Liebman said, "You may see a small increase, but at this point housing prices will be relatively fixed."

Certain environments, such as the Financial District, the excess inventory, will not increase housing prices in the near future, he said.


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Posted by Dwi Anggono on Tuesday, June 14, 2011. Filed under , . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response

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