Following the events of September 11 last year, many predicted an exodus from the nation's most populated city. New York City has, instead, shown its true grit, and is roaring back with a sellers' market where real estate is in more demand than ever.

"Despite predictions of a real estate recession in New York City after 9/11, coop and condo sales have rebounded," says Realtor Karen Bressler. "Sales are up, prices are rising and buyers are bidding. In some cases "bidding wars" are back, as was the case last spring when the market was "red" hot.

She adds, "Low interest rates and sparse inventory are credited for the rebound. It is also important to note that many New Yorker's are taking money out of the stock market and investing in real estate."

Agrees Realtor Lane Hodes, "The New York residential sales market is booming. According to the Census Bureau, over 20 million Americans will be moving between Memorial Day and Labor Day. Buyers are buying because mortgage rates are at an all time low. The Federal Reserve will probably leave mortgage rates unchanged until the end of the year.

"New York coops, condominiums and townhouses are being quickly bought up because buyers are motivated by the strong appreciation in their values, and they no longer feel confident in investing in the weakening stock market, especially with the alarming regularity in corporate scandals. The New York residential sales market is the safest and most profitable place to put your money right now," she explains. "Until recently, the market has only been hot in regards to smaller apartments (under $1 million). This past May, the New York residential sales market seems to have picked up in regards to the bigger, more expensive apartments. Also, the New York residential sales market's price per square foot continues to edge upwards because the number of cooperatives, condominiums and townhouse listings have generally declined."

"Brooklyn is great for the whole family," enthuses Realtor Charles Delessandro. "The Brooklyn market is still a sellers market. Lack of inventory has been the reason until now that prices have been on the rise."

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Published: July 16, 2002

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