Condo Sales Rise in Manhattan

During economic downturns Manhattan Real Estate is always the last facet of the business to be affected. Conversely, when things begin to turn around its those same condos that begin to sell first.

According to the Wall Street Journal the number of condo sales increased by 12.1% in Aug from the month a year earlier, representing a recovery from the steep drop off in July. The Mid-Town and Clinton areas, where average prices rose 15.8% from a year earlier, posted the largest gain in August.

Still, the market has not returned to its pre-crash exuberance, the Wall Street Journal has reported.

Regardless, real estate sales is about perception and the constant stream of upbeat and positive articles such as this one the perception is that we are back, that business is good, that property is selling and that deals are getting done. I like this perception much better than the one we had this time last year.