| The first quarter of the year was a bad one for the | | | | nation's housing units. |
| national housing market. Nothing much new occurred, | | | | The fate of Bear Sterns, however, has combined |
| however it was an unabated continuation of last | | | | with the continuing negativity in the national market |
| year, which was one of the worst years for the | | | | to finally put a damper on the New York housing |
| national market on record. In that environment, | | | | market. Nonetheless, the Spring quarter is typically |
| however, the Manhattan real estate market | | | | the best quarter for the market, so once again, no |
| continued to do OK. | | | | one is really sure what the exact fate of home |
| Seemingly against all odds, the average price of New | | | | values in the New York market will be. This very |
| York apartments improved almost twenty percent | | | | uncertainty has given pause to a number of potential |
| from the same time last year. The increase in prices | | | | buyers and sellers. |
| was largely driven by the luxury market, which saw | | | | Most analysts expect prices to decline somewhat, |
| several new high end buildings go on the market. | | | | especially among sellers who have had their home on |
| Underlying the effect that the strong numbers from | | | | the market for more than a month. Activity is |
| the luxury sector had on the market as a whole, | | | | expected to decline from what it was a year ago, |
| rents actually declined in the first quarter, even as | | | | though quarter-over-quarter numbers won't seem |
| the average price of New York City apartments | | | | quite as bad. |
| increased. There were a some signs of a new | | | | Rents are expected to continue to decline, though |
| weakness in the quarterly numbers - inventory, for | | | | not at as fast a pace as they did in the first quarter. |
| example, increased substantially - however, the | | | | All in all, the second quarter numbers for the |
| unexpected large increase in the average price | | | | Manhattan real estate market will be truly fascinating. |
| buoyed confidence in the market for yet another | | | | Until the quarter is finished, and the data is released, |
| quarter. New York apartments, it seemed, lived in a | | | | however, a sense of uncertainty will place a drag on |
| different economic universe than the rest of the | | | | the market. |