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YOUR REAL ESTATE RESOURCE • INVENTORY • NEIGHBORHOOD ACTIVITY • YOUR BUILDING

The Bellmarc DEALING WITH MARKET TRENDS

ADVANTAGE THIRD QUARTER 2009 OVERVIEW

3Q2009 was marked by stronger sales activity throughout Manhattan and decreasing inventory, compared to the beginning of the year. The effects of the economy continued to be felt throughout all sectors, yet it appears that the level of activity has maintained a steady pace, particularly in moderate priced properties, where the tax incentives for first time home buyers have made a difference. Buyers have started to see meaningful movement in prices, pre- Sellers who have senting great opportunity. Price reductions of up to 25%-35% off the shown a more highs of early 2008 produced enticements to buyers who had dropped realistic approach out of the market and those who were on the side-lines waiting the to pricing are right time to strike. clearly benefiting. This market has presented buyers with the perfect scenario: Prime Manhattan locations are at a discount, interest rates are incredibly low and the Federal Government threw in $8,000 for first-time buyers. It couldn’t be a better time to buy. All of these factors have kept the low-to-middle market busy and active. Buyers are now shopping with more confidence and most sellers have become realistic about the value of their homes. This could be the window of opportunity for both buyers and sellers -- a stable market, renewed confidence, declining inventory, very low interest rates and prices significantly lower than those of last year. Sellers who have shown a more realistic approach to pricing are clearly benefiting. As sales increase, we are seeing a drop in the inventory of product available as units are absorbed. Inventory has seen substantial delcines over the past six months As we progress toward the end of this challenging year, we believe the continued on page 3


MARKET TRENDS COOPS

Second Third CONDOS Quarter Quarter 2009 2009

Second Third Quarter Quarter 2009 2009

EAST SIDE

Studio 1 Bedroom 2 Bedroom 3 Bedroom

$300K $535K $950K $1.45M

$300K $515K $895K $1.45M

Studio 1 Bedroom 2 Bedroom 3 Bedroom

$430K $670K $1.3M $1.9M

$430K $670K $1.3M $1.9M

WEST SIDE

Studio 1 Bedroom 2 Bedroom 3 Bedroom

$300K $475K $800K $1.6M

$400K $550K $875K $1.6M

Studio 1 Bedroom 2 Bedroom 3 Bedroom

$550K $610K $1M $1.6M

$550K $625K $1M $2M

MIDTOWN

Studio 1 Bedroom 2 Bedroom 3 Bedroom

$307K $689K $973K $1.6M

$313K $702K $992K $1.63M

Studio 1 Bedroom 2 Bedroom 3 Bedroom

$442K $689K $1.2M $2.4M

$450K $708K $1.22M $2.44M

GRAMERCY CHELSEA

Studio 1 Bedroom 2 Bedroom 3 Bedroom

$316K $456K $900K $2.1M

$316K $456K $990K $2.1M

Studio 1 Bedroom 2 Bedroom 3 Bedroom

$372K $546K $1.2M $2.1M

$372K $546K $1.2M $2.1M

DOWNTOWN

Average prices for the second and third quarters of 2009

Studio

$350K

$375K

Studio

$510K

$550K

1 Bedroom 2 Bedroom

$550K $1.1M

$580K $1.2M

1 Bedroom 2 Bedroom

$720K $1.7M

$790K $1.8M

3 Bedroom

$2.7M

$2.2M

3 Bedroom

$2.3M

$2.5M

Bellmarc.com

Visit our website at www.Bellmarc.com


Manhattan real estate market will be continue to be a changing market, characterized by ups and downs from one month to another.

continued from page 1

Success in selling a home, purchasing a home or making an investment continues to require dilligence in analyzing market data and keeping abreast of trends.

THIRD QUARTER 2009 INVENTORY UPDATE A snapshot of the inventory by neighborhood and size of apartment from our Inventory Report.

2%

EAST SIDE

2,472 206 751 813 702

TOTAL Studio One-Bedroom Two-Bedroom Three-Bedroom

2254 218 646 778 612

3%

TOTAL Studio One-Bedroom Two-Bedroom Three-Bedroom

1,667 293 644 491 239

3%

TOTAL Studio One-Bedroom Two-Bedroom Three-Bedroom

1,249 174 489 373 213

2%

TOTAL Studio One-Bedroom Two-Bedroom T hree-Bedroom

2,132 2% 339 664 629 500

DOWNTOWN

TOTAL Studio One-Bedroom Two-Bedroom Three-Bedroom

WEST SIDE

Percent Decrease

MIDTOWN

Percent Increase

GRAMERCY CHELSEA

Count

TOTAL INVENTORY 9,774

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Market Trends

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