The first quarter numbers are in for the Manhattan housing market, and older records have yet again been broken. While the numbers appear unbelievably positive, the general picture is more complicated. For more info about Apartments, you may visit http://www.525w52nd.com/.
Average dwelling prices were up approximately one third, or 33.5%, over previous year's amounts. All told, the average cost of a Manhattan apartment has climbed to a staggering $1.7 million.
There are lots of warning signs to the New York housing marketplace, however. There's an increasing disparity between Manhattan costs and the remainder of the town's property marketplace. More to the point, while costs have stayed high, sales have slowed considerably.
What's more, Manhattan's record average cost comes mostly from many new luxury condominium buildings which went out there last month. In all, 71 flats were offered to the island for over $10 million during the first quarter – a number that far outpaces the normal figure for Manhattan.
However, what's most upsetting about the amounts is the time of everything. While the first quarter was a sudden success concerning average sales prices, the stock was beginning to increase significantly prior to the Bear Stearns incident, which presumably set a substantial chill on an instant need for luxury New York City apartments.