Bidding wars still happen. Toni Haber, an executive vice president at Prudential Douglas Elliman, a New York City real-estate firm, says 60 people waited in line recently at an open house to view a three-bedroom apartment in Greenwich Village. The owner had four competing offers within the week, and agreed to sell for about $2.5 million -- $300,000 over the asking price.
Part of the city's strength comes from the fact that few buyers were investing in properties to flip them. Moreover, many apartment buildings in New York aren't condominiums but co-ops, which impose financial demands on potential buyers far more rigorous than banks do -- which helps keep the number of foreclosures down. In addition, foreign investors have been exploiting the weak dollar by grabbing Manhattan real estate.
New York City 2010
