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August 06, 2007
Some good news in real estate
Some good news today. The building where I bought my condo is now fully sold-out, which is good news for everyone here because there's no longer any inventory on the market. There are now fewer than 30 1BR or 2BR condos available north of 96th Street that cost less than I paid for mine. The second bit of good news is that rents in Manhattan continue through the roof, which is good for owners of real estate:
“The last time [it] was this tight was in 2000, and it wasn’t as unforgiving as it is now,” says Gary Malin, chief operating officer of Citi Habitats, which recently released a five-year study of Manhattan residential rentals. Save for a moment over the winter when the numbers inched up ever so slightly, vacancy rates have stayed well below one percent for a year, with Soho and Tribeca the tightest spots. In 2002, the average monthly rent for a Manhattan one-bedroom was $2,227; now it’s $2,737.
Posted by adrianjo at August 6, 2007 11:25 PM