Manhattan and Miami Condos Are Selling Again
July 3, 2010
Despite
lingering questions over employment and stock market stability,
buyers are coming back into the real estate market and they have
their eye on condos.
Manhattan and Miami in particular had outstanding months in May and June compared to the same months in 2009.
CNNMoney reported that Manhattan transactions were up 81% with over 2700 units being sold in the last quarter ending June 2010. Greg Heym, a housing market economist, completed a recent market report for Brown Harris Stevens and Halstead which indicated the Manhattan market is stabilizing. The CNNMoney article cited similar studies from the Corcoran Group and Prudential Douglas Elliman which further supported this finding.
Another news piece points to a Miami rebound in condo sales with a 70% increase in May compared to the same month one year ago. The article reports that Miami condo prices rose 2.2% in May. The Herald Tribune reported that Sarasota-area condos also experienced a 71% increase in May with 384 units sold compared with just 225 units in May of 2009.
