Chelsea - Manhattan Real Estate Market Conditions & Reports, Chelsea

Market Commentary Provided by Arwin Landsberg
The new figures for the 3rd quarter just came out and closed sales have increased. Also, the prices increased of 11 % compared to the sold apartments 3 months ago.

Report Date

Fall 2009

Search For Homes in Chelsea - Manhattan
City:
Property Type:
Any Single Family Townhome/Condo
Minimum Price	Maximum Price

Min. Beds	Min. Baths

CONNECT WITH A LOCAL PROFESSIONAL

Arwin Landsberg
Charles Rutenberg Realty LLC
New York, New York
718-810-8738
htlandsbergrealty@yahoo.com
Agent Home Page

Nearest Metro Area

New York City

Buyers’ or Sellers’ Market

Equal buyers and sellers

Average Time on Market

60-90 days

Market Trend

Decreasing

Housing Inventory

Limited Supply

Average Home Price

$750,000 - View Graph Trend

Best Selling Price Range

$900,000 - $949,000

Worst Selling Price Range

$100,000 - $149,000

Compared to Last Year

Down 5-10%

Prices As % of Asking Price

90-95%

Multiple Offers?

Yes

Multiple Offers Commentary

When the seller priced the apartment right, there is an increase of mulitple offers on the table and even bidding wars are starting again. 5-10% below asking price is a realistic negotiation figure. A buyer who bids below this in the event of a correctly priced apartment won't be taken seriously and is out.

Greatest Activity

First Time Buyers

Buyer Activity for the past 90 days in Chelsea - Manhattan is

Increasing

Seller Activity for the past 90 days in Chelsea - Manhattan is

No Change

Is Financing Available For Qualified Buyers in Chelsea - Manhattan?

Yes

Comments on Financing For Qualified Buyers

Deals below 1 million dollars should have no problem with financing with 10% down payment; above a a million depends on your down payment. You should probably then pay down more than 20% to be safe.

Existing Home Prices for the past 90 days are

No Change

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

0-5%

Housing Hot Spots

Areas between W 14 and W 28 are hot spots because of its trendy lifestyle, green areas, river vicinity, restaurants, bars, transportation system.

Reason to Buy/Sell

Lower prices with good selection and competitive interest rates creates a perfect time to buy in Chelsea - Manhattan! Also, excellent locaton for NYU students, transportation etc. Important: No foreclosures or short sales in Manhattan, period!!! But there are some good deals out there for investors, first time buyers and aslo second time buyers.

Average Sold Price

$750,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

Click here for full article...