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New York

Listing price: $999,999
Bedrooms: 2
Bathrooms: 1 full, 1 half
Size of home: N/A

Local perspective:
“The real estate market in Manhattan is much more vigorous than it was a year ago,” says Kelly Robinson of TOWN Residential. “A lot of people feel like they missed the bottom of the market, and it has created a sense of urgency.” According to Robinson, sale prices in the luxury market rose by 8.7 percent per square foot, with the average sales price of luxury homes in Manhattan standing just under $5.6 million in the first quarter of 2012.

The city real estate market is fueled by confidence and increasing rental prices, says Robinson, and the luxury segment for homes priced above $5 million is where the most robust buying activity is focused. That’s because of a limited inventory in this segment and a pool of willing buyers waiting to enter.

Robinson says she has seen a significant increase in activity and number of bidding wars for properties and is expecting strong second-quarter numbers, especially in the luxury sector. New York has seen a variety of buyers, from first-time homeowners frustrated with the high price of renting to foreign investors and native residents looking to relocate.

She says that in New York, buyers are concerned about a home’s price per square foot but also have a variety of questions when purchasing, including the financial condition of the building itself, number of owner-occupied units on the property and restrictions on lifestyle and usability of the property, such as whether the owner is allowed to have pets, sublet the apartment or whether the property can be purchased for a child.

Photo and Listing: Kelly Robinson, TOWN Residential