Slow but steady wins the race in apartment sales.Though the prices for Manhattan's residential properties are expected to remain stable, most brokers foresee fore·see
tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees
To see or know beforehand: foresaw the rapid increase in unemployment. increased activity in the first few months of 2004.
The combination of low interest rates and expectation of big bonuses on Wall Street makes it likely that demand for family-sized apartments will be high.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Ruth McCoy Mc·Coy
The authentic thing or quality; something that is not an imitation or substitute: This gem is the real McCoy. , executive rice president with Brown Harris Harris, Scotland: see Lewis and Harris. Stevens Stevens, family of U.S. inventors.
John Stevens, 1749–1838, b. New York City, was graduated from King's College (now Columbia Univ.) in 1768. , "We are seeing the entire market pick up. Interest rates have been really low and people are using their money to buy real estate. Some of our brokers who expected to go away for the holidays, never expected the volume of business that we are getting."
Brokers are particularly pleased that the market upturn now includes middle-tier and luxury sales. Whereas in 2002 most activity took place at bargain prices, now apartments priced at more than $10 million are also in demand.
"We are ending the year on a very strong note," said Elizabeth Stribling, president of Stribling & Associates. "We have seen healthy activity in all price ranges--apartments are being snapped up and overbids are coming once again. Low interest rates throughout the past two years have bolstered bol·ster
A long narrow pillow or cushion.
tr.v. bol·stered, bol·ster·ing, bol·sters
1. To support or prop up with or as if with a long narrow pillow or cushion.
2. the market and what started as a bottom up recovery has permeated through the middle and upper realm segments."
Another residential broker, Karen A. Berman, vice president and director of sales with Argo Residential, expects a slight increase in mortgage rates in 2004, but doesn't think the change will negatively affect the market.
""Mortgage rates may go up, but we do not see them going to a point where they will affect buyers," she said. "As long as interest rates remain relatively low by historic standards they will continue to be a positive influence on the market."
The brokers warn, however, that 2004 is not likely to be a spectacular year price-wise.
"I think people are being extremely cautious because of the situation in the geopolitical ge·o·pol·i·tics
n. (used with a sing. verb)
1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation.
a. arena," said Stribling. "We expect prices to go up only modestly."
"We can never tell for certain what's going to happen. This year the market has seen some increases, but they were not huge. We'll probably see the same thing in 2004," added McCoy.
The areas that are expected to see the greatest increase in business include Tribeca, Far West Village and Chinatown.