Sales of Condos and Co-ops in Manhattan Rise
Sales of properties in Manhattan are roaring back as the financial services industry recovers and resumes hiring.
Two housing reports released Friday say that prices have dipped. A report by Brown Harris Stevens shows that the median sales price for condos was down 10 percent from a year ago. A similar report from Prudential Douglas Elliman Real Estate said the median sales price for condos was off 13 percent.
But as prices fall, sales are picking up. The Brown Harris Stevens report shows condo and co-op unit sales rose 92 percent compared with the first quarter of 2009. Prudential Douglas Elliman said condo sales rose 63 percent and co-op sales climbed 168 percent.
Source: Associated Press (04/02/2010)
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