Manhattan Condo Sales Nearly Double

According to the Wall Street Journal, Condo prices in NYC rose 6.7% in June as compared to June 2009. The fact that Condo prices continue to rise in a large number of Manhattan neigborhoods is just one more indicator that we are well under way to recovery.

Sales activity nearly doubled in June from a year earlier when Manhattan sales transactions dropped to the lowest level since early 2000.

The Financial District poste the biggest change in June. Prices rose 35% from a year earlier to an average cost per square foot of $868.00. This comes as a big surprise as it was just a few months earlier that the Financial District was reporting very sluggish sales activity. However, once again we see that its all about price. As prices of Condos began to drop the number of transactions began to rise.

Remember, its not the seller or the seller's broker that determines the price of an apartment. Rather, its the Marketplace.