New York apartment prices hit record high

CNBC ^ | Tuesday, 1 Apr 2014 | 11:21 AM ET | Robert Frank

[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 market—especially 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.

[SeekAndFind]

Cue the “Rent is Too Damned High” guy.

[SeekAndFind]

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.

[chiefqc]

I stand corrected.

Have a great day

[Wuli]

“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.