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The Average Apartment Sale Price In Manhattan Is Now Nearly $2 Million
By
Rebecca Fishbein
Published Jan 5, 2016
Modified Jan 5, 2016
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StreetEasy
By
Rebecca Fishbein
Published Jan 5, 2016
Modified Jan 5, 2016
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Financial wizards say it's cheaper in the long run to buy than rent, but what they really mean is that your future living space will be a cardboard box by the Queensboro Bridge (on the Queens side, but near Scandals at least?)—the median apartment price in Manhattan is 1.15 million, the average price is $1.9 million, and Manhattan ISN'T EVEN COOL ANYMORE.
According to a new report from Douglas Elliman Real Estate, the median sales price in Manhattan ticked up 17.3 percent in 2015, setting a new record. The average sales price, terrifyingly, went up about 12.1 percent. "It was an extraordinary year," Pamela Liebman, the chief executive of the Corcoran Group, told the Times, though it was perhaps less extraordinary for those of us who had to fight to get our credit card limits increased to $5,500.
Real estate experts say the sales uptick is likely thanks to all those cool luxury buildings that keep popping up around town, though folks who aren't Saudi oil barons seem to be having some trouble finding reasonable deals. "The increased supply on the high end has taken some of the urgency out of the market," Liebman told the Times, "yet the low end is still suffering from not enough product at achievable price points."
The good news is, real estate analysts say developers need to focus less on high-end luxury developments and more on developments for actual humans, should they want to see big sales in 2016. "We’re seeing buyers definitely willing to sit on the sidelines,” Diane M. Ramirez, the chief executive of Halstead Property, told the Times. “Anything priced overly aggressively has to be addressed.” So will developers listen? Probably not! But perhaps that $550K West Village fixer-upper/ostensible crime scene is still available?
Tagged
manhattan
real estate
the rent is too damn high
why god
Rebecca Fishbein
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