Highest # of 4Q Sales in 25 Years, Lowest Inventory In More Than A Decade, Douglas Elliman 4Q Manhattan Sales Report Shows

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Report Shows Stability, Upward Tick in Luxury Sale Prices Outpacing Overall Market -- Continued Tight Credit, Record Low Mortgage Rates & Tax Planning

Douglas Elliman today released its Elliman Report: Manhattan Sales 4Q 2012, which showed that Manhattan closed out 2012 with the most fourth quarter sales in 25 years and the lowest amount of inventory in more than a decade.

“We’ve had a lot of activity at the end of the year, as we anticipated,” said Dottie Herman, President and CEO of Douglas Elliman. “Tax planning in advance of the ‘fiscal cliff,’ rising rents, an improving regional economy and record low mortgage rates were some of the key reasons for increased sales in the quarter.”

“Housing prices remained stable through the year, but listing inventory fell to its lowest level since 2001, when we began tracking it,” said Jonathan Miller, President/CEO of Miller Samuel, who produced the report in conjunction with Douglas Elliman. “Tight credit is one of the key reasons for this fall in inventory as sellers, when they sell, become buyers.”

“Price indicators were mixed during the fourth quarter,” said Miller. “The overall takeaway from the fall of 2012 is that record sales and falling inventory could very well result in rising prices of homes in 2013.”

“Manhattan remains one of the best housing markets in the United States,” added Herman. “We continue to be impressed with the depth and strength of the New York City residential marketplace and look forward to an active 2013.”

About Douglas Elliman Real Estate
Douglas Elliman Real Estate is New York’s largest residential brokerage, with over 70 offices in New York City, Long Island, the Hamptons and Westchester/Putnam, more than 4,000 real estate agents and a network of national and international affiliates. They are exclusive strategic partners with London-based Knight Frank LLP for residential business in all of their New York markets. Douglas Elliman ranked in the top four of all real estate companies in the nation in 2007, 2008, 2009, 2010, and 2011. The company also controls a portfolio of real estate services, including Manhattan’s largest residential property manager, Douglas Elliman Property Management, as well as DE Title and DE Capital Mortgage. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Douglas Elliman site at http://www.elliman.com

About Miller Samuel
Miller Samuel is an appraisal and consulting services firm covering the New York City metropolitan area. Miller Samuel provided property valuations of more than $5,000,000,000 in the past year. The company's clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op and condo boards, managing agents, individuals and government agencies. The firm has authored this report series since 1994. For more information visit http://www.millersamuel.com.

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Barbara Wagner
Rubenstein Associates
(212) 843-8035
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