Manhattan Real Estate Market Surging at Year's End

Manhattan's real estate market ended in the same manner that we've seen it perform for the past year. Listings were scarce, a surge in sales, and prices remained relatively flat. While the end of the year saw a few more sales, the price tag attached was still much smaller than the peak of 2008. Median sales were around $855,000, which were up only slightly from the same quarter of 2012.
Diana Ramirez, the chief executive of Halstead Property, believes that things are looking up. The prices are climbing, slowly and at a sustainable rate, according to Ramirez.
The upturn in sales at the end was due, at least in part, to the closings on a luxury condos that had been under contract for for months.

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POSTED January 03 2014 1:13 PM

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