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MANHATTAN MARKET VIRTUALLY UNAFFECTED WHILE OUTER BOROUGHS RECOVER SLOWLY
NEW YORK, Oct. 29, 2013 /PRNewswire/ -- StreetEasy.com releases their one-year anniversary report on the New York City real estate market after Super Storm Sandy, entitled, "A Tale of Two Recoveries." The report reveals that the real estate market in coastal Manhattan was resilient to the impacts of Sandy and that demand for these properties remained inelastic. Contract and closings activity in Flood Zones 1 and 2 in Manhattan grew at double the pace of other zones in Manhattan while Zones 1 and 2 in other boroughs struggled to recover.
The report is produced by StreetEasy.com, a comprehensive real estate information website in New York City. Using recorded sales data provided by the New York City Department of Finance, and StreetEasy's exclusive sales and rental databases, the report provides a unique look at how quickly the real estate market reacted, how quickly it recovered, and by how much. Findings were contextualized with extensive interviews with residents and brokers.
"Our analysis shows that there are two separate and distinct recoveries to Sandy. The robust and relatively quick recovery among coastal Manhattan neighborhoods stands in stark contrast to the dramatic declines in prices and transaction volume in some of the hardest hit communities in the outer boroughs," says Alan Lightfeldt, Analyst at StreetEasy.com.
Some highlights of the report include the following:
StreetEasy.com is a comprehensive real estate information website, providing consumers detailed sales and rental information and the tools to manage that information. The site has become the reference site for consumers, real estate professionals and the media and has been widely credited with bringing transparency to the New York metro real estate market. StreetEasy.com is owned and operated by Zillow, Inc.
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