Hello and welcome to our Manhattan luxury real estate blog. Halstead Property, LLC is one of the most visible and fastest growing residential real estate brokerage firms in New York. Headquartered at 770 Lexington Avenue, the firm has more than 600 sales and rental agents throughout eleven prime retail offices in New York City including six in Manhattan.

New York Bounce Back

Nov 03, 2008 | 0 comments

The financial crisis has definitely had an impact and the nervousness associated with the stock market uncertainty has given buyers more negotiability than they have had in awhile, but for sellers, 2010 looks like when the pendulum might swing back again in your favor.

“New York market slated to be among first to bounce back, report says
The economic downturn will drag down the real estate market, but New York City, along with other 24-hour coastal cities like Seattle, L.A., Boston, San Francisco, and D.C., will be among the first to recover, beginning in 2010, according to the Emerging Trends in Real Estate 2009 report released today by PricewaterhouseCoopers and the Urban Land Institute. The report predicts that among most property types throughout the country, vacancies will rise and rents decrease in 2009, and lending problems will spread from the residential to the commercial markets. Of the various property types, the report predicts that only the apartment rental market will remain strong, as people who are unable to purchase homes will continue to rent, and industrial, business, hotel and retail markets will take a beating.” – The Real Deal (click here for the article).

An important fact to consider regarding this article is that real estate is local. Nationwide studies can be predictive of major market trends, but this one does not take into consideration several variables that protect and insulate the Manhattan market. One important issue is that the 421a Abatement which spurred developments in the city was repealed this summer. By 2010, sellers will not have as much new product on the market to compete against as they do currently.

Posted By: Warner Lewis

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