New York property offering new bargains

Tuesday, 3rd March, 2009 by admin
New York property may be offering more bargain deals after new data showed that prices in the city are falling.

Real Estate firm Prudential Douglas Elliman revealed that the Manhattan apartment sector saw a 0.3 per cent drop in the quarter from the previous three months, one of several boroughs to see prices dip.

While the top end market in the heart of the city declined, the fourth quarter reports for other boroughs with more affordable properties revealed larger falls.

Queens prices were down by four per cent in the quarter to $419,153 (£298,350), a drop of 10.2 per cent in annual terms from the $466,626 figure of a year earlier, while Brooklyn values dipped 2.8 per cent in the quarter and 5.2 per cent on an annual basis.

Such developments may encourage those keen on buying New York property to investigate the market.

Director of Mayfair International Realty, Annette Reeve, recently stated that many UK buyers are looking at upstate New York property.

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