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The Average Home Sale Price In Manhattan Is Now $1.87 Million
By
Rebecca Fishbein
Published Jul 1, 2015
Modified Jul 1, 2015
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via Elliman
By
Rebecca Fishbein
Published Jul 1, 2015
Modified Jul 1, 2015
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The average home sale price in Manhattan is now about $1.87 million, according to new real estate reports documenting sales prices in 2015's second quarter. That's the highest average selling price the borough's real estate market has ever reached, climbing above last quarter's $1.77 million peak and pouring salt on the wounds inflicted on all of us who cried writing a three-figure rent check this morning. But you know what's cooler than a MILLION dollars? A BILL—you know what, never mind.
Both Douglas Elliman [pdf] and Corcoran [pdf] released their reports this week—the former hit the aforementioned $1.87 million average, while Corcoran's average was a slightly lower, though still record, $1.81 million. Elliman's median sales price was $980,000, while Corcoran's was $960,000.
Though it seemed for a time that Manhattan's market was slowing down (the numbers of sales did indeed drop this year), experts say recent numbers show that's not quite the case. "It’s like everyone revved up their engines again,” Pamela Liebman, chief executive of Corcoran, told the Times.
As for who's shelling out for these fancy dwellings—which, according to the reports, are a mix of new, larger developments and a smattering of resales—a lot of the buyers are coming from overseas (unsurprisingly). "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," Liebman told the Times. "In all my years of doing this, I have never seen such a hunger for New York City real estate."
It is indeed a strange but fertile time for the Manhattan market, with a slew of luxury towers set to debut over the next few years, including 432 Park Avenue, now the tallest residential building in the Western hemisphere. 432 Park's penthouse was purchased for $95 million, with a billionaire from Saudi Arabia rumored as the the buyer (note that big purchases like that one skew average sales, so the median is often a better indicator of typical prices).
So, the Big Island's rent is too damn high and real estate is too damn expensive, which explains why people are shedding their Manhattanite zip codes in favor of "cheaper" residences in, say, Salt Lake City or Queens, and leaving the overpriced apartments to parents purchasing UES duplexes for their progeny. Then again, there's a Shake Shack headed to Elmhurst in the near future, so we're all doomed.
Tagged
housing crisis
manhattan
real estate
why god
Rebecca Fishbein
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