Manhattan Real Estate Exploding
Manhattan showed what resilience means in its real estate market last year. Despite the continued economic recession–The Economist reports that three-to-four million people are in default and 11 million homes are underwater–nearly 3,300 deals closed between October 1 and December 31. That’s a 26.9 percent increase over the same three month period in 2012!
Not only are people flocking to the city that never sleeps, but incoming residents are also willing to pay a premium to live on the packed island: average sales prices rose 5.3 percent, and the median price rose 2.1%, to a staggering $1.538 million! And that’s for all homes; condo median sales prices are up 14.3 percent, while new developments are selling 32 percent better than a year earlier.
If you’re looking for a two-bedroom–even if you’re willing to pay $6 million–you may be out of luck, as those in prime locations are the most coveted properties. [via NYMag.com] (Sam Schoenfeld – VNN) (Image: Flickr | alphaundomega)