Real estate Attorney Keith Schuman posts the next part of his guide to buying a co-op, condo or townhouse in Manhattan. He discusses the tax deductibility of interest, maintenance, second home mortgages and other considerations when purchasing a home.
July 3, 2008
The Corcoran Group has just released the second quarter 2008 sales figures on the Manhattan real estate market. Today I'm posting a market wide snapshot and you can download the full Q2 2008 Corcoran Report [1.3mb pdf] here too. The big picture is that the market did have strong gains with the overall median price increasing 13%. Co-op sales posted across the board gains too. In my opinion co-ops are the leading indicator of the overall health of the Manhattan real estate market, as they represents about 80% of the city's housing inventory being traded by individual owners, at arms-length. By that standard the housing market here seems to be holding its own, even as the nation experiences an unprecedented correction in values.