NYC real estate market shines amid gloomy recovery

13:34, August 13, 2010      

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Real estate brokers elsewhere in the United States may have all the reasons to feel discouraged: The pick-up in housing market soon faded after the expiration of tax rebates. Housing start fell to the lowest point since October. So was developers' confidence, freezing at a 15-month low.

However, in New York City, where the financial crisis originated, the sentiment is boiling. No matter residential or commercial, the housing market has been on a fast track to a steady and strong growth. Some even claim that the market has already bidden farewell to the bottom.


Data from major New York real estate companies and associations so far this year have painted a rosy picture.

The Real Estate Board of New York (REBNY), the city's leading trade association with 12,000 members, said in its quarterly report that the total dollar value of residential property sales soared 72 percent to 7.6 billion U.S. dollars in the second quarter this year from the same quarter in 2009.

Meanwhile, citywide sales volume jumped 65 percent, with apartment sales in Manhattan up a dramatic 82 percent. And the average housing prices rose by 15 percent from the same period last year.

In a separate survey of the New York residential brokers, REBNY found that "residential rental market is on the fastest track to recovery."
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