Manhattan Apt. Sales Up by 80% in Second Quarter

WSJ -- "Sales of Manhattan apartments picked up during the second quarter of 2010, to the fastest pace since the summer of 2008, an illustration that the market has been recovering during the spring selling season, usually the busiest time of the year. A Wall Street Journal review of closed-sales filings with New York City Department of Finance shows that during the second quarter, which ends June 30, sales were running 80% above the pace reported a year ago (see chart above).

Analysts said there has likely been a modest recovery in prices as well. During the spring season, the pickup in Manhattan co-op sales was particularly strong, with co-op sales hitting the highest pace since the summer of 2007."

HT: Bill