New York Real Estate: Sets Record Sales
As the New York real estate market swings back from the bottom, it seems to be making its way all the way to the top. With extremely low inventory throughout the city, the demand for prime Manhattan residential is at an all-time high.
At nearly half of the available inventory in NYC, prices are being driven through the roof, just like new developments throughout downtown. We are seeing high-rise residential properties breaking new ground all over town, and with that comes the high priced demand for luxury condominiums.
On average, there are over 8000 properties for sale in Manhattan, whereas right now there are just over 4000 properties on the market. That is half of the standard available inventory for the current buyers pool, in a highly sought after New York real estate market. These numbers inevitably cause bidding wars, along with outrageous closing prices.
In fact, the previous residential New York real estate record was just broken by a duplex penthouse on Leonard Street, under contract at $47 million. This is nothing compared to the rumored contract prices for Midtown luxury. One57, a new West 57th development, apparently has two luxury residencies pending for more than $90 million each. 432 Park Avenue allegedly has a penthouse on one of its higher floors under contract at $95 million.
At this rate, ultra luxury in Manhattan is the hot buy, as these top dollar properties raise eyebrows and prices. And, prices will keep going up as long as inventory and interest rates are low. With this kind of activity, it's no wonder Manhattan is in such high demand.
What do you think of these unbelievable condominium prices? Are you seeing this kind of activity in your market? How's the inventory in your area? Let us know your answers to these questions, or any thoughts you might have on the subject, in the comment section below.
Photo Courtesy of joiseyshowaa’s Flickr