Friday, July 03, 2015

A 'Strong Local Economy' And High Demand For Manhattan Homes

I'm After flirting with records for more than a year, the average sales price of a Manhattan apartment hit a new high in the second quarter, according to at least two reports to be released on Wednesday by major real estate brokerage firms.

A strong local economy, combined with high demand and not enough listings, pushed the average sales price up 11 percent, to $1.87 million, compared with the same period in 2014, surpassing the previous peak of $1.77 million reached in the first quarter of last year, according to Jonathan J. Miller, the president of the appraisal firm Miller Samuel and the author of a report for Douglas Elliman Real Estate.

The median sales price, which measures the middle of the market and is less affected by high-end sales, was $980,000, just behind the record of $1.025 million set in the second quarter of 2008, before the financial crisis hit, according to Miller Samuel.

“It’s like everyone revved up their engines again,” said Pamela Liebman, the chief executive of the Corcoran Group, which put the record average sales price at $1.81 million and the median at $960,000. “We saw continuous demand across all price points, buoyed by some exciting new developments that have come on the market and a continued influx of buyers from China.”

“In all my years of doing this,” she added, “I have never seen such a hunger for New York City real estate.”

from here

And what about the vast majority, working and living in the real world around Manhattan and elsewhere? What's their opinion of these 'exciting new developments'?

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