How is the Recent Volatility in the Financial World Affecting the Manhattan Real Estate Market?

You'd think that the recent economic volatility in the world would have majorly impacted the Manhattan real estate market, right? You'd be wrong. Yes, there were some deals that fell apart, but overall deal flow has been remarkably consistent and at normal seasonal levels. We're even hearing about more more multiple-bid situations (and have been involved in a couple ourselves).

The $1-3M price range (typically 1-2 bedroom co-ops and condos) is seeing lots of action. This segment has been fairly stagnant the last few years, so there is a great deal of pent-up demand. Then there are factors to consider like rising rents, slightly lower interest rates, and the roller coaster ride of the financial markets. Buying a home makes more and more sense to many people who have been sitting on the sidelines.