The weather in Manhattan may be in deep freeze, but the real estate market continues to thaw. With prices falling – co-ops hit 2005 levels– buyers are
pounding the (frozen) pavement hunting deals.Median prices were down nearly 15% from a year ago. The average price per square foot fell 17%. Buyers defied the typical seasonal slowness and pounced, sending closings soaring by nearly 50% from a year earlier, according to fourth-quarter data from brokerage The Corcoran Group and market reports expected Tuesday detail a once high-flying market trying to recover from a housing crash and credit-crisis paralysis. While homes are taking longer to sell, there are early signs of improvement: Properties are receiving multiple bids, less inventory is hitting the market and, in the latest quarter, fewer sellers cut prices. International buyers, absent for much of last year, are returning. “I just can’t deny the improvement that we’ve had,” says Noah Rosenblatt, a broker and publisher of, a blog focused on Manhattan real estate. “There’s been so much action…The risk of systemic failure has been priced out of the market.”
By Dawn Wotapka, Jan 5, 2010 WSJ

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