City Real Estate Sales Set Records in Q4
Friday, January 03, 2014
WNYC
View of the Manhattan skyline with proposed skyscraper at 15 Penn Plaza by Pelli Clarke Pelli
(Courtesy of Pelli Clarke Pelli)
The last quarter of the year saw a surge in Manhattan real
estate transactions that set records for sales, inventory and high
prices.
The Douglas Elliman Real Estate Overview found that pent up demand and concern over an increase in mortgage rates contributed to the flurry of activity.
"Mortgage rates spiked, and that brought people in who wanted to buy before interest rates went up further," said Jonathan Miller, President of CEO of Miller Samuel Inc., a real estate appraisal and consulting firm.
But Miller doesn't expect the real estate sales frenzy to spill over into 2014.
"I see continued upward movement in pricing in 2014, but at a very modest pace," he said.
The new mayoral administration of Bill de Blasio also brings unknowns that could affect the city's real estate market.
"Unknowns always cause people to pause, and housing is no exception," added Miller.
"Mortgage rates spiked, and that brought people in who wanted to buy before interest rates went up further," said Jonathan Miller, President of CEO of Miller Samuel Inc., a real estate appraisal and consulting firm.
But Miller doesn't expect the real estate sales frenzy to spill over into 2014.
"I see continued upward movement in pricing in 2014, but at a very modest pace," he said.
The new mayoral administration of Bill de Blasio also brings unknowns that could affect the city's real estate market.
"Unknowns always cause people to pause, and housing is no exception," added Miller.
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Janet Babin, Host, WNYC News
Janet Babin is a host and reporter at WNYC.
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