City&Country: My Space– Rise in Manhattan property sales
Posted by Wei Min Tan on October 26, 2017
Publication: The Edge Malaysia
Summary: Wei Min Tan, Manhattan property broker originally from Malaysia, interviewed by The Edge, Malaysia’s leading independent business magazine.
The city’s major brokerage firms reported that prices in 4Q2009 in the Manhattan property market had decreased from a year ago while sales had risen. I expect this trend to continue into early 2010.
Prudential Douglas Elliman and Miller Samuel reported that the median sales price of an apartment in 4Q2009 was US$810,000 (RM2.7 million), down 10% compared to a year ago. There were 2,473 transactions, up 8.4% compared to last year, and 11% compared to last quarter. The activity is more than double the 1,195 transactions in 1Q2009. Average price psf was US$1,176, flat compared to a year ago. Brown Harris Stevens and Halstead, both owned by Terra Holdings, reported median price of US$800,000, 9% lower than a year ago. There were 2,519 sales, 9% higher than a year ago.