$1,260,000 Apartment April 4, 2006
That’s the average price of a Manhattan apartment, according to a quarterly report released by the real estate brokerage firm Brown Harris Stevens. The price is up 15% from last quarter and 8% higher than 2005. If that’s the average price (add up all sales and divide by the number of apartments sold), and there are supposedly 62,773 millionaires in Manhattan, how do the rest of the 2 million or so people afford to buy? Or how do the average Manhattan-ite afford to rent?
Real estate is a localized market, so what’s happening in Florida or Arizona doesn’t always apply to NYC. Everyone is talking about the real estate bubble, but based on the average sale price, I don’t see it in NYC…yet.
Source:
Brown Harris Stevens - Market Reports
Previously: Expensive Rental Apartments