Posted by Leonard Steinberg on April 1, 2011

First Quarter reports released to-day embarassingly distort the Manhattan real estate market statistics: They talk about a sharp drop in average pricing (like there is such a thing as average in Manhattan) but fail to mention that the reason for this is the low inventory of new construction condominiums that would automatically distort “AVERAGES”.  Yes, more co-ops sold this quarter, not because they were more desirable, but because there is a shortage of new condo’s. To any buyer, I would say beware: averages are dangerously misleading.

For a more accurate reflection of what is happening in the market right now, not the reports that reflect CLOSED sales, most of which happened in the market 2-4 months ago, read LUXURYLETTER. its not perfect at all but it definitely is a better insight into the market as it is happening, not the market of yesteryear…. Click here for the latest LUXURYLETTER: :https://www.theleonardsteinbergteam.com/files/luxuryletters/LUXURYLETTER_April_2011.pdf