Posted on 04/02/2014 9:43:35 AM PDT by SeekAndFind
The price of a Manhattan apartment just hit a new record.
The average sales price for apartments in New York City jumped 15 percent in the first quarter to $1,773,523, according to a report from Douglas Elliman Real Estate and Miller Samuel. The average price per square foot jumped 16 percent to $1,363.
The report shows the continued strength of the high-end real estate marketespecially among global buyers in the world's top wealth centers. But it also shows that the building boom in trophy penthouses and ultraluxe condos may be overheating.
Inventory jumped 19 percent in the quarter for all apartments and listing inventory for condos soared 28 percent. As parts of Manhattan have become enormous building zones for giant glass condo towers, even more apartments are expected to come on later this year and next. The supply of new-development apartments rocketed 55 percent in the quarter.
(Excerpt) Read more at cnbc.com ...
RE: High Crime
High Taxes
High Rent
High Traffic
Nanny City
Run by a Moron Mayor
_______________________
All the above is true except for the High Crime part.
I stand corrected.
Have a great day
“The average sales price for apartments in New York City jumped 15 percent in the first quarter to $1,773,523, according to a report from Douglas Elliman Real Estate and Miller Samuel. The average price per square foot jumped 16 percent to $1,363.”
something is wrong with the data, as
those figures would mean the “average” apartment in NYC was 1301 sq ft ($1,773,523 / $1,363). I think that is way more than the actual average size of a NYC apartment.
I guess that NOT all NYC apartments are included in those figures, but only those covered by recent condo/coop sales, which is nowhere near all apartments,nor even the whole market for apartments in NYC.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.