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Buying Frenzy for NYC Housing?

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  • Description

    FBN’s Sandra Smith on the state of the New York City housing market.

  • Duration 2:36
  • Date

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More on the real -- story on the Fox Business Network Manhattan's luxury real estate market continues to remain.

Haven for some investors cash rich buyers especially foreigners have -- To New York City.

And the frenzy as.

Well as frenetic as it's ever been and say this -- joins us live from the newly developed -- building -- Manhattan's fashion district.

Considered the morning.

Hey good morning -- and may -- We are in -- mad.

Neighborhood of Manhattan for those who aren't familiar.

This is north of Madison square park not as well known as say that SoHo neighborhood or the upper east side but.

This neighborhood is -- coming it's got posh restaurant posh hotels -- so -- right around the corner.

You're looking at an apartment in the nomad neighborhood and that it goes for about two and a half million dollars it's got.

Big windows spacious rooms eleven -- ceiling.

It's newly renovated in this held building which as -- -- is.

Over a century old now the New York real estate market has seen a much different picture than the rest of the country.

It didn't suffer as much as the rest of the housing market during the recession and it bounced back.

Even harder than the rest of the country in fact we're going to be talking to a real estate broker in that I had at the bottom of the hour.

Who says that it's bounced back to pre recession levels.

And it's hardly even keep a unit on the market.

In Manhattan right now because that they can just said cash.

By places like this for two and a half million dollars.

-- guys so there is -- buying frenzy right now at the seller's market.

In new York and we're going to be talking that broker bottom of the hour guys we're going to be talking this -- -- throughout the day.

Who say that the demographic is changing in Manhattan it's no longer just the single up and coming business -- -- living in the city.

It's families that are migrating here and the international buyer has even changed -- different countries that are stepping in with those watts of cash so.

We're gonna have a really interesting look at the Manhattan real estate market throughout the throughout the day -- -- actually.

That's it I just have to say one thing at their call and it no mad because I've lived in New York City long enough where they have bent over backwards to come up with light kit she ways to refer to these markets are -- not -- that it's no man's land is we're -- -- Thank you senator can't wait for all your cover and all right thanks a lot.

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