Is the real estate market in Manhattan still flourishing?
The real estate recession has been continuously spreading since the credit crunch started 8 months ago, reducing considerably prices in small towns, suburbs, and cities such as Seattle and San Francisco that have so far been resilient to the crisis. It would seem that New York is the last big city where real estate is flourishing.Between January and March 2008, the average price for a Manhattan home increased by 18%, up to $872,000, compared with the same period last year.
What is driving the prices up in NYC?
New York’s real estate boom was developed by means of a slew of newly completed and startlingly expensive condos.For example, Sting paid $26.5 million for a condo in the newly-built 43-story building at 15 Central Park West. Sanford Weill, the former chairman of Citigroup, bought an apartment in the same building for more than $42 million for an apartment in the same building.
What are the prices of the lower end apartments?
The market is also busy on its lower end, which in case of Manhattan generally starts atapproximately $400,000 for a studio. (People in New York are used to living with less space.)
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