…For the past several years and through the
second quarter, the overall Manhattan
housing market has shown price and sales
stability, holding its position as one of the
better performing housing markets in the US.
The combination of mortgage rates declining
to record lows and rents rising as a result of
tight credit and rising employment has fueled
a surge in entry-level buyers over the past nine
months. The market share for new development
activity has remained consistent, as much of
the former shadow inventory created during
the recent housing boom has been absorbed.
Economic uncertainty abroad and the weak US
dollar brought more foreign buyers looking for
an investment safe haven, resulting in a higher
frequency of high-end “trophy” transactions…