Second Quarter Manhattan Real Estate Report
I reviewed the Second Quarter Report of residential real estate sales in Manhattan. My firm, The Corcoran Group, has released this report comparing data based on deals that closed in 2Q 2009 (April 1 through June 30) with that of 2Q 2008.
Due to the impact of the credit crisis and our nations recession there is a decline in sales activity and sale prices over the prior year. 2009’s Second Quarter posted 50% fewer closings over 2008’s. The large amount of available properties along with low demand in the first part of the year has forced sellers to lower prices by 12-15%. Therefore, buyers can negotiate much more and can snap up some of the best deals to be had in Manhattan in many years.
Spring is usually the busiest season and despite a slower market, the report shows greater sales activity in the Second Quarter than the First. In fact June 2009 was even busier for our agents than the same month a year prior.
New developments showed decreased sale prices and slower activity as well. 67% fewer new development properties closed this quarter than in 2Q 2008, having an average drop of 14% in price per square foot.
If you would like to see this report in its entirety please contact me.
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Patrick Lilly holds a coveted position in the world of New York real estate as not only a top-tier producer in the city, but a sought-after expert in his field who’s been spotlighted in books, the media and seminars. A mainstay in the industry for over 25 years, Patrick has excelled to great heights in his field thanks to his exceptional knowledge of the market, proven flair for successful deals, and strong relationships with clients and peers alike.