Record-breaking sales bucking trend.

In what is traditionally the slowest quarter of the year for number of sales, Prudential Douglas Elliman's Development Marketing Group has seen condominium projects across the City selling out in record time.

With virtually every Manhattan neighborhood experiencing extensive residential development, the buyers' rush to snap up new development condominiums is indicative of a continued supply and demand dynamic along with an extraordinarily robust market for new development condominiums.

"We're overwhelmed at the response to some of our new projects which are selling out in a matter of weeks," said Andy Gerringer, Managing Director of the Development Marketing Group. In the third and fourth quarters of 2004, The Development Marketing Group saw four of their condominium projects sell out almost immediately upon entering the market.

"The trend of quick sellout witnessed with The Amanda in Harlem, The Chelsea Royale at 200 W 24th Street, 50 Orchard Street and 56 Pine Street is the culmination of a perfect storm for New York City residential real estate where buyers are competing for apartments in broad a range of prices from $300,000 to $1,550,000," added Gerringer.

"Buyers see these prices and, with the combination of historically low interest rates and the proven record of increasing value of condominiums along with the supply and demand dynamic, they feel they can't lose by purchasing new development condominium."

The appeal of the homes offered in these developments is compounded by the continued proven increase in the value of homes, witnessed by the Fourth Quarter 2004 Prudential Douglas Elliman Manhattan Market Overview which saw the average sales price of condominiums reaching record levels in all size categories.