While Manhattan apartments were selling at well above $1,000 per square foot as recently as a year ago, Del Percio says these deals are now taking place in the $700 per square foot range. “Some sellers are refusing to budge off asking prices, but as more folks get laid off and/or the economy gets worse, we could see some significant discounts across the market,” he says.
Fringe real estate neighborhoods such as East Harlem, Bushwick, and the South Bronx are most likely to get hit hard during the downturn, Del Percio says. However, he sees Manhattan as a perennially good investment.
“New York is the only truly 24-hour city in the country and continues, despite the downturn, to be the most international of American cities. There is a constant influx of both foreign capital and nationals, both of which are major players in the real estate landscape. New York’s density and mass-transit system are unique among U .S. cities. Wall Street is — was — probably the driving force behind real estate prices and development over the past ten years,” he says. “New York’s economy is predicted to recover more quickly than the rest of the country, and people will always want to live and do business here.”
Friday, March 13, 2009
New York City 2010
