Uptick seen in Manhattan condo sales

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With prices down, Manhattan condo sales transactions have largely rebounded from their 2009 low, according to Radar Logic’s January 2010 neighborhood report for the borough (see the full report below). There were nearly twice as many transactions in January 2010 as there were one year earlier, up to 86 percent of the average transaction count over the past 10 years, but still nearly 50 percent below the number of transactions at Manhattan’s 2005 and 2007 peaks, the report says. January condo prices were down 0.2 percent month-over-month and 14 percent year-over-year as of Jan. 21. Of the additional condo sales this year when compared to last year, 73 percent were in the $750-to-$1,125-per-square-foot range. Higher priced condos, at $1,500 per square foot and above, sold in smaller numbers in January 2010 than in January 2009. Similarly, sales of smaller units between 500 and 800 square feet, increased more year-over-year than did larger ones. Soho and Tribeca, the East Village and the Lower East Side, Chelsea and the West Village, and the Upper West Side appeared to gain in popularity, each experiencing an increase in condo prices per square foot in December 2009 and January 2010. TRD
Radar Logic