The Northeast home sales markets are leading the way to recovery nationwide as home sales statistics continue their upward climb in the region. Particularly drawing attention are the condo developments in Long Island, which continue to outpace commonly held beliefs about a slipping market there.

The New York Times reports, "Lower taxes on condos, combined with proximity to transportation, freedom from maintaining a home and relative affordability, are helping to drive the demand," according to Michael Watt, executive vice president of the Long Island Builders Institute, a building industry association.

Mr. Watt told The Times that "for the first time ever there's a market preference for higher-density homes," especially among older empty-nesters and young singles and couples.

Condo developer Larry Gargano of Greenview Properties agrees, telling The Times, "The market hasn't evaporated, it has just gotten a lot more educated, a lot more cautious. We feel that there's market strength for the right project at the right price." His company is selling one- and two-bedroom units at prices between $245,000 and $295,000.

Meanwhile, it's not just lower priced condos drawing attention. In the wealthy village of North Hills, Ritz Carlton Residences is putting up 244 units priced from $1.5 million to $6 million – each including elevator access directly into the condo vestibule. The development will cover 17 acres in 10 four-story buildings. Amenities include a 42,000-square-foot clubhouse, housekeeping and valet services, to name a few.

Published: August 6, 2008

Use of this article without permission is a violation of federal copyright laws.