2010 Goes Out With A Bang

Despite the drone of doom and gloom, the end-of-year real estate news is actually good! New York residential real estate sales have returned to normal levels and prices remain stable.

To give you some perspective of the progress we’ve made in 2010, third quarter apartment sales in Manhattan rose 19.3% from the year before, and co-ops priced more than $7 million doubled in that stretch of time. (Shhhhh… don’t tell Scarlett Johansson and Nic Cage.)

927 Fifth Avenue

Although fourth quarter reports have not yet been released, experts say that co-ops priced over $5 million led the sales activity as the rest of us rang in the new year. Included in those were an apartment at 15 Central Park that recently closed for $40 million and an apartment at 927 Fifth Ave., the renowned residence of Mary Tyler Moore, Paula Zahn and Pale Male, that went into contract for $27 million.

Despite the 2010 boom, experts don’t anticipate a repeat performance in 2011. Lending is still a bit tight and interest rates are expected to rise from the all-time lows we’ve seen in 2010. Alas, all good things must come to an end.

Story source: Crain’s, Photo Source: Vanity Fair

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