The PDF version of the 3Q 2006 Manhattan Market Overview [Miller Samuel] that I write for Prudential Douglas Elliman [PDE] is available for download. I have been writing these market reports for them since 1994. The delay in getting this pretty version ready was my fault this quarter…sorry.
…Prices are off in the current quarter from record levels set in the prior quarter but remain above levels seen in the prior year quarter. Overall inventory has stabilized for the first time since the end of 2004 but that appears to be due more to the offsetting decline in co-op re-sale inventory and increase in condo inventory where more than 60% of the growth is attributable to new development. Fixed and adjustable rate mortgage rates fell over the quarter but that did not stimulate additional demand. There seems to be plenty of buyers out there as lenders report rising numbers of pre-qualified buyers. Other factors such as stable local economic conditions, including an optimistic Wall Street bonus outlook, reasonable employment and payroll levels, fiscal austerity by local government and currency exchange rates encouraging foreign investment added to the stability of the market. Nevertheless, these conditions have not convinced would-be buyers to make a purchase decision as evidenced by weaker sales and increased rental activity….
Download report: 3Q 2006 Manhattan Market Overview [pdf]
Tags: Wall Street Bonus