Average Manhattan Condo Sales Price Reaches Record $1,638,798

The just-released Third Quarter 2007 Prudential Douglas Elliman Manhattan Market Overview reports that the Manhattan residential real estate market continues to be characterized by declining inventory and rising prices in contrast to the national housing market.

“With the average sales price of a Manhattan condo reaching new heights, we can attest that there’s only one Big Apple, and that’s New York City,” says Dottie Herman, President and CEO, Prudential Douglas Elliman. “Real estate in Manhattan continues to be a strong investment for national and international buyers.”

The number of sales increased 65.6% this quarter to 3,499 units as compared to the 2,113 units sold in the prior year quarter. Highlights from the 3rd Quarter Prudential Douglas Elliman Manhattan Market Overview report include:

Some Preliminary COOP Refinancing Pitfalls

Refinancing a coop loan in New York is a rather complicated and daunting process. However, the following information will assist you along the perilous refinance road to a successful closing.

First and foremost, before submitting an application to your mortgage broker be familiar with your particular coop boards rules and regulations in reference to the financing on your apartment. The bottom line is that in order to obtain a coop loan, your coop board must consent to and approve of the terms of your loan. This is one of the most common restrictions on coop ownership which many people are not aware. You cannot close without your coop board approving the terms of your loan.

Receive the best mortgage interest rates for Manhattan and New York COOP refinance mortgages. Manhattan Coop Refinances are more difficult today but we have dozens of investors and options.