New York Condos - Still Booming

We just returned from a fantastic trip to New York City to meet with major sales and markreting firms such as Corcoran, Prudential Douglas Elliman, Core Group Marketing, and Halstead.  New Condos Online is in the process of formalizing new partnerships in New York as it is the most successful and yet undamaged condo market in the country. 

The first quarter of 2008 showed amazing stats with home prices having increased and sales still going strong.  Average and median prices for New York City condos (mainly in the Manhattan area) are well over $1 million, a 13.2% increase as compared to the same quarter in 2007.  In comparison to 2007, sales have decreased a bit but only because 2007 was a record market for closings of New York condos.  The amount of supply is still high but this is of course do to heavy construction of new condo developments.  As many probably saw on the news last week, a high-rise construction crane collapsed and fell into a building!

The same forces are keeping the markret healthy that played a role last year:  foreign buyers, out of state buyers, and affluent consumers.  Actually, many buyers in New York are coming from the West Coast, specifically California.  I guess our ridiculous prices in California aren't enough for some consumers!

For those of you keeping an eye on new developments in the New York and New Jersey area, we just added Riverwalk Court and The Thread in Union City, New Jersey.  Through some new partnerships we will be adding about 20 new developments or more over the next couple weeks.  Stay tuned!