From Dottie Herman~
Today we present our 3rd Quarter 2010 Manhattan Market Overview, the leading resource on the state of the housing market. It is produced in conjunction with Miller Samuel to provide our clients with the most comprehensive and neutral market insight available.
The Manhattan housing market rebound continues. The third quarter market was similar to what we observed during the second quarter "spring" market. Sales and inventory remain within market norms and we are seeing a more normal mix of the size of apartments that are sold. Last year there was an unusually high amount of first time buyers seeking to take advantage of improved affordability while this year has seen more middle and high-end homes sell. We are in a much better place than we were last year but the economy still faces many challenges. Record low mortgage rates, improved affordability and favorable exchange rates continue to drive demand for Manhattan apartments.
We produce our market reports because I believe access to timely information in this ever changing market is one of the greatest resources we can offer to our clients, and we remain committed to providing the best information and services in the industry. Coming soon are our exclusive 3rd quarter market reports for Brooklyn, Queens, Long Island and the Hamptons/North Fork, plus a Manhattan rental report. We trust that you will find them useful.
President & CEO, Prudential Douglas Elliman
*We are pleased to unveil our new website, with over 38,000 listings from Manhattan to Montauk. Visit us at http://www.elliman.com and please send your thoughts, comments and suggestions to us at email@example.com.