New York Real Estate 2010
New York Real Estate 2010
Manhattan real estate in 2010 is still a question mark, but there are signs pointing toward a strong beginning of the year and no shortage of indicators and opinions about what comes next. 2009 was a year like no other, and for the end of the year that meant more activity in the market than usual. There were more showings and more closings than is typical for the holiday season, which is good news for the market. Most years the market takes a holiday break to shop for gifts, but this year folks were spending just as much time looking at properties.
Manhattan Real Esate 2010
There are several factors that could push the strong holiday season well into 2010- Wall Street bonuses and the extension of the federal homebuyer tax credit, and a rise interest from foreign buyers all mean there will be people looking to buy.
At the same time, inventory will be back up for both homes and condos. The traditional trend is for people to take a property off the market during the holiday season and list it again after the New Year. Along with returning listings, there is a growing number of unsold development condos. Both of these factors will mean a rise in inventory.
The Real Deal notes that the 2008 holiday season was slower than is typical, coming on the heels of the Lehman Brothers bankruptcy, and that the 2009 holiday season was busier than usual, taking its cues from the sense that there are deals in the market if you can find them. The article is full of quotes from brokers talking about how the viewing activity is up.
Manhattan real estate in the post-holiday market? There is a collective sense that there are still deals to be found, that the market will remain stable for at least a few more months, and that there will be an influx of new property listings, both coop’s and condos.
I look forward to another great year. Happy New Year everyone.
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