Manhattan Real Estate Brokers See Bright Future For 2012
Summation: 69% of Manhattan real estate brokers reported that the 1st quarter of 2012 was better than the previous quarter.
The Real Estate Board of New York (REBNY) has released the results of its Residential Brokers Survey for the first quarter of 2012. With the unseasonably warm weather and favorable market conditions, Manhattan real estate brokers saw an uptick in activity this quarter and are optimistic about next quarter. Of the Manhattan real estate brokers surveyed, 69% reported that they thought the 1st Q. of 2012 was better than the previous quarter. Additionally, 76% of Manhattan real estate brokers reported that they expect the 2nd Q. of 2012 to be better than the first, a 16% increase from last quarter.
Their optimism was based on the improving activity in the Manhattan realestate market. The survey found that 70% of Manhattan real estate brokers reported completing executed contracts of sale this quarter, a 9% increase from last quarter. Another highlight from the 1st Q. of 2012 was that 74% of brokers reported closing rental transactions at or above asking prices, which is a 13% increase from this time last year. In addition, 26% of the Manhattan real estate brokers reported closing sales at or above asking price, a 9% increase from the 4th Q. of 2011 and a 4% increase from the 1st Q. of 2011.
“Brokers feel changes in the market first and we count on them to help us gauge where the market is headed,” said REBNY President Steven Spinola. “Based on the survey results, it’s clear that broker’s optimism is coming from an improving market and that their view that 2012 will be a strong year for New York City real estate is justified.”
The survey also found a near perfect record of 99 percent of brokers reporting that they received a coop board approval in less than 90 days from the time a completed coop board application was submitted.
Similar to last quarter’s findings the top features/amenities this quarter were: 1) doorman building, 2) laundry in unit, 3) private storage space, and 4) on-site fitness center.
Further Reading:
Why Buy Real Estate in Manhattan
How to Buy an Apartment in Manhattan and Get the Best Interest Rate
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