The high end real estate market in New York City remains relatively stable, despite the problems that are being seen elsewhere in the United States. With some of the most expensive and most sought-after properties anywhere, the New York real estate market is in pretty good shape, particularly when compared to the rest of the country.
According to news reports from the New York Times and other media, sales of the most sought after, high end properties with the city remain in good shape. The number of sales in November of 2007 were just about equal to those in November, 2006. Prices last month were considerably higher than from a year ago, but just about flat when compared to the previous quarter.
In a sign that things are still good for this end of the market, the time between listing and going under contract has been fairly short – in many cases less than 30 days. This is because, despite the slowdown in the real estate market nationwide, New York is still a popular place to buy, people want to own nice homes here, and the inventory for these properties is relatively limited.
One New York broker, Lauren Muss, noted in the Times article that “Sellers are really not coming down” in their asking prices because they don’t need to right now. One reason for this is the existing home inventories were very tight, and “Buyers buy because there is no choice,” she added.
While the market in New York City remains strong, many other previously hot United States real estate markets have been hit hard. In many parts of the country, particularly high-flying areas such as Florida and Southern California, it has become a buyers market. Not so in New York.
