In relation to the rest of the country, one might think that the real estate market is booming in New York City, and more specifically, the Upper East Side. While the stock market continues its wild swings at treacherous speeds, and unemployment concerns are plentiful in other areas, we saw a higher volume of coop and condo sales this past quarter. Mortgages are harder to get, as lenders continue with stringent qualification standards, but that hasnít stopped people from buying.
We are seeing an increased number of foreign buyers from Europe, Asia and South America, who are attracted by the weaker dollar and more appealing condo prices. They know that in a financially turbulent world, New York City real estate will hold its value. Low interest rates, parents buying for children and a tight rental market have also added to the volume of sales these last three months.