Continued Good News

The Wall Street Journal today reported that "Sales of Manhattan apartments picked up during the second quarter, to the fastest pace since the summer of 2008".

It seems that the papers have been full of positive outlooks lately and as with any self fulfilling prophecy, the more good press the more transactions. This WSJ article says that during the second quarter of 2010 (which ends on June 30th) "sales were running 80% above the pace reported a year ago." WOW....80%, that's a huge number and the result of that much business being done is that prices are inching up.

A year ago buyers were in no rush, the longer they waited the better the deal was that they got. But things are different now, these days buyers know that if they find the right apartment they need to be ready to pull the trigger. Property is moving faster and staying on the market for a shorter period of time.

Its just one more very optimistic report of a market that is recovering...very quickly.