 | Manhattan apartment prices hit record 03-04-2008 While most of the United States plods through a housing slowdown, Manhattan
is experiencing its highest prices in history. The average price of a Manhattan
apartment in the first three months of this year was $1.7 million dollars, up
33.5 percent from the same period last year.
But the record prices do not tell the entire story of Manhattan’s real
estate, the New York Times state. Although prices are rising, sales are slowing,
and executives of the four largest brokerage firms in Manhattan said they see
some trouble, though not disaster, ahead for Manhattan’s real estate.
The huge price increase reflects the sale of an unusually large number of
very expensive apartments, which skewed the average. In this year’s first
quarter, 71 apartments sold for more than $10 million, compared with 17
apartments in that range for all of 2007. This year’s first quarter also
included the sale of dozens of apartments at the extremely high-priced 15
Central Park West and the Plaza Hotel.
Source:
The
New York Times
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