Manhattan Real Estate 2011 Trends
The real estate trends for 2011 on New York’s Upper West Side have not been affected as badly as other parts of the country. New York City is the heartbeat of the nation with a significant number of career minded individuals that continue to be sought after for professional skills. The heavy financial community also plays a major part in Manhattan’s prime real estate and little has changed in this area of the city.
Based on figures from November 10, 2010, through January 11, 2011, the median sales price for a home located in Manhattan was $ 1,056,298. This figure was determined by taking an average of 150 homes that sold on the Upper West Side, New York during the same time frame. Homes sold a year earlier had a median price of $ 950,000 or 11.2% lower than the last quarter of 2010. Although this is good news in keeping with property values, the amount of homes sold fell 25.7% from last year’s same time period.
Foreclosures are a rare attraction in Manhattan but there are a few. The beginning of February 2011 found four homes that were either in auction, pre-foreclosure or bank-owned stages of the foreclosure process. This is a great bargain for investors with lots of cash. More recent figures on home sales in Manhattan are from the week ending February 9, 2011 with the average selling price of a residential property being $ 1,886,462. This is a decrease from the previous week by 2% but still leveling off just the same.
Manhattan has a unique blend of neighborhoods that range from ethnically descriptive, like Little Italy to the Upper West Side that is compromised mainly of the intellectually minded. There is something for everyone in Manhattan and the city never sleeps. With over 1.6 million people in an area of almost 23 square miles, this section of New York City is amazingly tamed. It has the lowest crime rate of all cities in the country categorized with a population in excess of 500,00.
Major commercial, financial and cultural centers draw career minded people from all over the world to live in the oldest section of the city. Wall Street offers opportunities for young financial college graduates that are ready to take on the world while major telecommunications companies offer advantages found nowhere else in the world. These trends will never stop and neither will the trend for buying real estate in this fantastic location.
The average price per square foot for living space has actually increased over the past year and some potential buyers are now shopping for smaller spaces just to stay in Manhattan. While lending rates remain low, new banking standards are requiring higher down payments, some as much as 30% of the cost of a loan. But while the rest of the country is fighting to bring housing back up to some type of normalcy, this is one area where Manhattan has little worry. The city seems to attract people like a magnet no matter the price.
For advise on buying or selling a house near Long Island, NY, speak with a Syosset real estate attorneys or call 1-800-824-0284. Syosset real estate lawyer can advise you throughout each step of the complicated real estate transaction process.