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.

 

Excerpt:  

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.



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Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property.