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Aug 26, 2010

As the United States reels from the worst real estate crisis in decades, with a predicted 1 million foreclosures in 2010, New York defies the trend.

According to the Wall Street Journal, median prices in Manhattan this quarter are up more than 14 percent above the previous one, and 16 percent above the same period a year ago.

These figures place New York in North America’s exclusive club of real estate star cities; Vancouver (up 16.3%) Toronto (up 16.2%) and now New York (up 16%).

However, just like in Canada, many are pessimistic about the future stability of these figures. Dolly Lenz, a top-selling broker at Prudential Douglas Elliman, said that buyers have begun holding back. “There is a lack of confidence and a lack of direction,” she said. “You can feel the mood and it is not a good mood. There is no rush to buy and people are gambling that prices are going down.”

Sounds just like what brokers in Toronto are saying.

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