The New York City real estate market lives up to your expectations. Fast-moving glamorous apartments mean buyers and renters alike must act aggressively if they see a unit they love. From penthouses to studios, apartments on the New York City “housing” market are often condominiums or co-ops. The key difference is that a condominium is real property, while a cooperative is personal property, that is, shares in shares of the company that manages the building. Those looking for a more independent “cottage” style may want to consider townhouses and brownstones.

Buyers must obtain a mortgage pre-qualification letter from the bank to view the highest range of inventory, as sellers may stipulate that only pre-qualified buyers be shown their properties. Buyers must also be able to verify funds and three years of work history. . Both buyers and renters should have this year’s pay stubs on file. In their search, renters will find that there is an income requirement. Leasing companies and cooperatives may require an income ranging from 20 to 50 times the monthly rent. If you are interested in buying, renting, or selling real estate in New York City, some of the most experienced sales professionals can be found at Wald Real Estate, a full-service brokerage specializing in the Manhattan location. .

As of 2012, the median sales price for an apartment in Manhattan is approximately $1 million. According to the New York Times, the median rental price in Manhattan for 2012 was approximately $3,400 per month. These numbers show the market in an uptrend. After a few years of inactivity, Manhattan real estate is thriving and agents are struggling to keep up with demand. 2012 brought the highest rate of sales in more than four years. But these hungry buyers and renters are seeing comparatively fewer units on the market. With this decline in available apartment inventory, the Manhattan real estate market this year is experiencing the lowest inventory in more than seven years. Foreign buyers are also seeing the appeal of investing in the Manhattan real estate market, adding to the competition for apartments and townhouses.

The neighborhoods within Manhattan that are experiencing increased sales activity are Midtown West and the Upper West Side. Increased rental demand has been seen in downtown neighborhoods like Gramercy, Flatiron and Chelsea. The Upper East Side as well as the East and West Villages are also in constant demand.

The demand for a neighborhood reflects the total personal value that buyers and renters place on a neighborhood. Some people like to be closer to major metro hubs, while others want to be closer to entertainment and nightlife. Others seek a quiet break near the city’s parks or on the tree-lined streets. Manhattan offers a lifestyle for everyone. For questions about which neighborhood is the best fit for you, contact one of the knowledgeable agents at Stephen P. Wald, a highly recommended full-service real estate agency specializing in the Manhattan real estate market.

The response to Hurricane Sandy has demonstrated another facet of the Manhattan real estate market: its tenacity. Ever since Hurricane Sandy made landfall on October 29, flooding and damaging much of lower Manhattan, many have questioned whether the Manhattan housing market would be similarly affected. But at the Bloomberg RE Business Conference on November 13, a panel of real estate experts shared a more optimistic picture, forecasting normalcy within the year.