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Apartments -
NYC Real Estate News
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Tuesday, 30 November 1999 00:00 |
According to an article in the New York Times, the real estate market has seen an surge of activity as consumers are avidly hunting for homes in Manhattan and several Brooklyn neighborhoods. Despite sluggish sales in many other cities, NYC home prices have gone up due to bidding wars among buyers. From tiny studios in the East Village to red brick mansions on the Upper East Side, open houses are jammed with consumers hoping to find a new home.
Many consumers were reluctant in the last two years to purchase homes as they feared that the market would crash and they would have ended up paying too much for a home. Now, the attitude has changed due to a strong demand, strong regional economy and higher Wall Street bonuses.
With economists predicting stabilizing mortgage rates and a continuing city budget surplus, real estate experts see no reason why the trend wouldn't continue. Real estate professionals are continuing business with a "cautious exuberance" according to Steven L. James, director of Manhattan sales for Prudential Douglas Elliman.
To read the full article, please visit: http://www.nytimes.com/2007/02/19/nyregion/19market.html
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