Second Quarter 2006 - When a property is priced to market, plain and simple — it sells!! When not priced to market — it sits. Sellers are just becoming aware of the 5% or so price adjustment downward for most homes as compared to last year. The market is a bit choppy on price and pockets such as prewar and large terraced apartments are seeing price appreciation. The new condo construction along Third Avenue in the East 50s is selling well and adding to the appeal of Midtown East as a primary neighborhood of choice. Midtown West is hot and getting hotter. Sutton and Beekman is quiet, but seems undervalued. Murray Hill is holding steady. With interest rates heading up, and a 50% increase in homes for sale, the market seems to be consolidating. Demand is still fairly strong and New York is looking as good as ever if you want to own your own Big Apple morsel. Bottom Line: We are on hold, and that is not bad … not bad at all.

Average prices

Studios: $343K
1 Bedrooms: $597K
2 Bedrooms: $1.013M
3 Bedrooms: $1.865M

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