And most adjustable rates are between 2.25% and 3%! These extraordinarily low rates have brought the cost of ownership down considerably, making Manhattan most attractive to potential buyers, who are coming out of hiding. Those potential buyers are finding a market marked by inventory numbers that are still at dramatically low levels. Such tight inventory should help apartment prices swing upward. Prices are relatively stable with some small price movement in the larger units, including unique loft properties. Yet overall, prices are level with last quarter. When an apartment is priced appropriately, buyers come out to play, resulting in bidding wars here and there, which is still a surprise. Sellers are starting to realize that tight inventory puts them in the driver’s seat. As prices move higher, more buyers will be driven into the marketplace, fearful of missing the bottom pricing and record low mortgage rates.