With slowing sales on the low end the average price of New York City’s real estate is seeing amazing heights. The average price of a Manhattan dwelling is up 41 percent, while New York City as a whole is up 28 percent.
The numbers are skewed with the high end doing so well but ever so it is astounding to see the market be so strong in stark contrast to the rest of the country.
According to the report, the average sale price of a New York City home jumped 28% to $853,000 in the first quarter of 2008, compared with $669,000 in the first quarter a year ago. The increase was primarily due to surging sales in Manhattan apartments (condominiums and cooperatives), where the average price climbed 41% to a record $1.6 million, compared with $1.1 million in the first quarter of 2007.
“The significant increase in home prices in Manhattan clearly boosted the citywide average,” REBNY President Steven Spinola said. “Further, the report shows that Manhattan’s luxury market for high-end properties continues to remain untouched by the slowing national economy.” via Crain’s New York Business.
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In the greater NYC area the median income is $46k and the median housing price is $600k. To afford a $600k home you need to be making $200k a year, why is the market price so high?
new york city is the most beautiful place in the world and it has the best restuarants in town.
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