Higher prices. Brisker sales. What’s going on here? A legitimate boom? Normalcy? Another bubble? Paging Robert Shiller…Let’s call it a housing bounce this time around.
The Manhattan apartment market, laden only last year with satisfied predictions of a steady decline, appears on the up and up, if the latest batch of quarterly market reports are any guide (they are—though, they are not meant to be understood in real time, but instead cover deals negotiated months ago and closed in the first quarter of 2010)…And. And! Despite the higher prices—or maybe because of them, this being the nation’s most sadistic real estate environment—sales activity and buyer interest appears to have spiked going into the spring.
By Tom Acitelli, April 2, 2010 | NY Observer