by Eric Grinberg Strange Things are happening in Manhattan. Well, stranger than normal, that is. Against all economic principles, the price of homes in Manhattan is going up while sales and demand are going down. Typically the two go hand in hand. However, in this market, with data from the second quarter in, the number of homes being sold in Manhattan is down sharply from the quarter before, while the average price per unit is headed through the roof. According to Pamela Liebman, CEO and President of the Corcoran Group, buyers “are looking for either real quality or real value and anything in between is suffering – the ordinary is not enough.” Well if you want extraordinary, look no further than Manhattan. Home to the most expensive real estate in the country per square foot, Manhattan real estate is hardly ordinary. However, with the latest economic news weighing heavily on home buyers, there is a distinct difference between the upper-class real estate market and the rest of us. Prices in Manhattan have risen between 25 and 35 percent over the last year, equating to over 1.6 million dollars per unit, on average. Of course, if you take the ultra-lux Plaza and 15 CPW out of the mix, the numbers deflate a bit. However, prices have fallen from first quarter, but those drops are less than 3 percent. Even with this conflicting news, however, Jonathan Miller, President and CEO of Miller Samuel Real Estate Appraisers still claims that Manhattan real estate is still near the top of the heap.
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Comments (1 posted):
I do not agree with your articles since most of the building thats going on is what was in the works before the downturn and the prices have certianly come down a lot more than 10 percent
I suggest you talk to real people instead of realtors since they were also part of the hype that caused the housing problems.
There are tons of condos and cop-ops for
sale and prices are going down.
If you going to be a realiale source then get better journalists
thanks
nn
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