The Year the Bubble Didn’t Burst in Manhattan
Pity the poor Manhattan housing market in 2006; it missed out on so many adjectives.
As markets around it melted—Miami, Phoenix, Boston, pretty much the whole of flyover country—Manhattan’s remained utterly, stubbornly successful.
You’ll have heard another story: that Manhattan’s housing market was red-hot in 2005 and was in 2006, like so many cities nationwide, slowing or cooling or bursting (or whatever-ing). But it’s largely untrue based on the numbers.
Sure, it took longer to sell a home if you tried in the last 12 months, but sales closed fairly evenly compared to last year—and prices were way up in some cases.