Bohemia, NY (PRWEB) October 06, 2013
Financing and real estate expert Alec Sohmer responds to an article published by New York Magazine on October 2nd regarding Manhattan’s booming real estate market.
According to the New York Magazine article titled “Manhattan Real-Estate Market As Insane As Ever,” third quarter reports released the most prominent New York real estate firms show that Manhattan’s real estate market is “hotter than it’s ever been.” The reports show that the market increased 30 percent this year with over 3,800 deals and a steep increase in sales transactions since the beginning of the recession.
While inventory declined, the article says there were still “312 average new listings per week.” Manhattan’s success could be the start of the real estate market climb out of the recession. “There are very few signs of an imminent slowdown,” the article says.
Alec Sohmer, a financing specialist and real estate expert, says the real estate market is making a slow, but steady recovery, especially in urban areas. “I think we can expect an end to the real estate recession relatively soon,” he says. “Markets are soaring. Last month it was New Orleans, and this month it is Manhattan. Manhattan, arguably America’s most viable city, has seen a 12 percent increase in signed housing contracts this year.”
Though Sohmer has high expectations for the real estate market, he says the government shutdown and possible default could stunt the increase. “If the government defaults on its debts, we should expect to see mass chaos,” he says. “The economy would be devastated and the real estate market would also suffer a tough loss. While the market looks promising now, we cannot expect an increase in buyers if the government does not reach a decision to raise the debt ceiling.”
Alec Sohmer, a strategic financing leader and co-founder of Plymouth Rock Capital, has 20 years of Board-level experience. He has served in many interim management positions for businesses requiring significant turnaround or restructuring. He is able to increase revenue streams by utilizing a variety of line management techniques. In his two decades of experience, he has dramatically increased revenues of businesses by identifying untapped markets.