The Manhattan Market
Rentals
In the past year and half there has been a huge listing surplus and the record-low interest rates that made buying an appealing alternative to renting, caused Manhattan rents to fall anywhere from 15% to 25%. But because the Manhattan Sales market has become so tight, it is turning would be buyers into reluctant renters. This is causing higher occupancy rates making property managers happier then they have been in years. The spring will also bring forth a surge of new hires resulting in a shrinking supply of available rental units, confirming further signs of a strong real estate market and improving economy.
Current Market Averages
- Doorman Studio: $1,823
- Non-Doorman Studio: $1,316
- Doorman 1 BR: $2,254
- Non-Doorman 1 BR: $1,725
- Doorman 2 BR: $3,117
- Non-Doorman 2BR: $2,442
- Doorman 3 BR: $4,445
- Non-Doorman 3 BR: $3,597
If you have any questions about Manhattan real estate, we invite you to call and speak with one of our licensed professionals.
Sales
The last six months of 2003 and the beginning of 2004 were characterized by a continued fevered sales activity due to record-low interest rates. The low interest rates as well as the overall upswing in our economy are fueling the market at all levels. The interest for Manhattan studios and one-bedroom are particularly active. However, a scarcity of inventory is contributing to firmer asking prices and a return of multiple bids. Open houses are packed and deals are being made on the spot. The luxury market, after seeing significant drops in selling prices for 2002 and 2003 has started to pick up steam in the beginning of 2004, with prices starting to recover and less time from market to closing.
Market Averages (second and third quarter 2003):
Condominiums
- Studio: $356,000
- 1 BR: $546,000
- 2 BR: $1,028,000
- 3 BR: $2,295,000
- 4 BR: $4,500,000
Co-Ops
- Studio: $232,000
- 1 BR: $416,000
- 2 BR: $818,000
- 3 BR: $2,085,000
- 4 BR: $3,339,000
For more comprehensive information on Manhattan real estate, we invite you to call and speak with one of our licensed professionals.
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