NYC Apartment Agent

New York real estate + beyond

New York’s ‘Insane’ Real Estate Market

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View of Manhattan's skyline from the 7 train. (Photo by Bruno J. Navarro.)

Activity in New York’s real estate market has increased since the first quarter of 2012. (Photo by Bruno J. Navarro.)

NEW YORK — The real estate market in Manhattan, as well as in Brooklyn, is now firing on all cylinders and nearing pre-recession levels, according to a couple of recent reports.

“It’s really remarkable because January and February was just really crazy,” Streeteasy Vice President of Research  Sofia Song told New York Magazine’s S. Jhoanna Robledo. “That’s insane. This is the highest number of contracts in the first quarter and the second highest of any quarter since the meltdown of 2008.”

Properties that went into contract in the first quarter of 2013 jumped by 15 percent compared to the same period last year, according to Streeteasy.

Song called 2013 the “Year of the Frustrated Buyer.”

Anyone who has attended an open house in Manhattan, Brooklyn and parts of Queens would likely agree.

Also gone are the days of the low-ball offer.

One real estate agent told The Real Deal that bidding also had gotten “absolutely insane,” with three buyers making offers within the same open house.

A fellow agent at my firm, Bill Bone of BOND New York, was also quoted saying that his buyer lost out on a Williamsburg condo. “We had to compete with 45 other offers.”

(That’s why it pays, more than ever, for buyers to use an experienced real estate agent.)

Meanwhile, the median price of a Manhattan apartment rose 5.9 percent from the first quarter of 2012 to $820,555. The average price rose to $1.354 million, according to real estate appraisal firm Miller Samuel.

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