The Real Deal New York

Manhattan sales volume perks up

Price increases likely on tap for sales in 2013, but mid- and lower-end rental rates soften

January 04, 2013 03:30PM
By Hayley Kaplan

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From the January issue: Winter is usually the slowest time of year for Manhattan real estate sales. This season, however, the continued strength of the luxury market — paired with the pending change in tax rates for capital gains — prompted a spike in sales activity. In the fourth quarter of 2012, there were 2,598 closed sales in Manhattan, according to Douglas Elliman’s latest market report, which was prepared by appraisal firm Miller Samuel. That’s up a dramatic 29.2 percent from the fourth quarter of 2011. Listing inventory, meanwhile, plummeted 34.2 percent to 4,749 from 7,221 at the same time last year. [more]