Jonathan Miller, the executive vice president and director of research at Radar Logic, a real estate research company, said that such apartments make up more than half of the Manhattan sales market. In the fourth quarter of 2007, 55 percent of the 2,518 apartments sold in Manhattan were studios and one-bedrooms.
That, in turn, is good news for many sellers, who are happy to find purchasers not obliged to sell their own home before buying a new one.
Conversely, first-time buyers who run into snags and delay closings can hold up the sellers. “It plays a very important role in the health of the real estate market,” Mr. Miller said. If first-time buyers are “having a hard time, then all segments are having a hard time.”
New York City 2010
