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Showing posts from April, 2014

Market Report Manhattan First Quarter of 2014

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A Super Strong 1st Quarter: Manhattan Residential Real Estate Soars Again!

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A Super Strong First Quarter: Manhattan Residential Real Estate Soars Again!
Manhattan condo and co-op prices are finally seeing the impact of chronically low residential inventory, and a shift toward luxury in new development.

The average sales price for a Manhattan apartment jumped by a shocking 30.9 percent year over year, according to a quarterly report compiled by appraisal firm Miller Samuel. The average price per square foot increased by 23.6 percent year over year, to $1,363 in the first quarter of the year.

Rising prices can be attributed to the ongoing Manhattan inventory crisis, which has seen fewer than 5,000 apartments on the market at any given time over five consecutive quarters.

Also contributing is a general upward pressure on new development pricing as the result of an overheated market for land. Competition between developers trying to secure new Manhattan sites has sent land prices above $800 per square foot in some instances, meaning developers have to rea…