City Real Estate May Face Smoother Ride In 2010

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With 2009 coming to an end, real estate experts are trying to forecast what may be in store for both property owners and property seekers in the new year. NY1's Shazia Khan filed the following report.

The city's residential sales market waded though uncertainty, panic and dramatic price drops in 2009 -- so what's in store for 2010? Steven Spinola, president of the Real Estate Board of New York is cautiously optimistic.

"Well 2010 is going to follow basically the last quarter of 2009 and the last quarter according to the first two months of the last quarter are doing pretty well -- sales are up dramatically from a year ago, city-wide condo sales are up 64 percent, co-op sales are up 30 percent versus where they were a year ago," Spinola said.