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Midtown Manhattan Condos are Selling!

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Midtown Manhattan is the area that defines New York City–the pulse and heart of the city that never sleeps. Rockefeller Center, Penn Station, the Empire State Building, Madison Square Garden and Times Square–all these world renown venues and iconic buildings are in Midtown.

With it also being one of the most busiest commercial districts in the world, it’s easy to see why investors, individuals and corporations are buying in Midtown Manhattan condos. With walking distance to cultural meccas, businesses, world-class restaurants and entertainment, it’s the perfect place for them to own their personal piece of New York City.

The Bracha Group has eight contracts for condos in this thriving section of Midtown Manhattan and we expect to close those within the next couple of weeks. Two are our exclusives. Three sales are investors (from abroad) who are buying while it’s such a fantastic buyers’ market now; three are brand new developments and one of the buyers is a well-known stage and screen celebrity!

Out-of-town corporate buyers are in this mix as well. Instead of putting their top execs up in one of several of Manhattan’s hotels, they’ve allotted those expenditures into a solid investment solution of purchasing a condo in Midtown Manhattan. Since their senior-level execs travel to New York on a frequent basis, they’re buying while the buying is great and their investment will most certainly pay off.

The range of our contracts varied–from $800K to over $2.5M. Half of these were cash buyers which saves considerable time and in some cases, money. However, these buyers usually bid at fair market prices because they know that other out-to-town and abroad buyers are able to do the same.

According to Lawrence Yun, Chief Economist of the National Association of Realtors, cash purchases will represent a “significant portion of the market in 2011“.

Three of our cash buyers were investors. This trend is expected to grow this year. According to the National Association of Realtors, it has increased from this time last year; 2010 showed less than half of investment property buyers paid cash. In 2011 that number is already at 60 percent.

Here’s to continuing a busy Spring and Summer season!

If you’d like more information about any of our luxury condos in Midtown Manhattan and other neighborhoods, visit Keller Williams New York City or call me or one of my team members at 212-838-3700.


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