The Manhattan Condo Rebound
July 5, 2010
It
appears the general consensus is that New York City is moving into
swing again as are Manhattan condo sales. CNNMoney
report that Manhattan is still the number one condo market in
the United States in both volume of units sold and median sales
price. CNNMoney lists the average condo sales price in
several hot markets. Average prices being:
- Manhattan $1,200,000
- San Francisco $400,000
- Los Angeles $250,000
Bear in mind that these are just average sales prices and do not represent the upper end luxury condo market. That being said, Manhattan's average price of 1.2 million is quite an eye opener.
CEO of Corcoran, Pam Liebman, is quoted by CNNMoney as saying that many of the more experienced condo shoppers in New York City are foregoing mortgages entirely with at least half of buyers paying in cash. Employment figures on Wall Street are rebounding and with it the need for housing ... as more people aspire to live in Manhattan.
