Read below and then be thankful you live in San Diego!!!
Manhattan Average Apartment Price Hits New Record
RISMEDIA, April 3, 2008-Demand for high-end real estate continues to buoy the market in Manhattan as the average apartment sale price hit a new record of $1,690,995 in the first quarter of 2008, according to Halstead Property’s First Quarter Market Report. The new record represents an increase of 47 percent from a year ago. The median sale price, which is more reflective of the current market, also set a new record at $855,000, rising 13% from the first quarter 2007.
“The closings at luxury developments 15 Central Park West and The Plaza have obviously had a large impact on the first quarter numbers. Without the sales at these two condominiums, the overall average apartment price would have been $1,417,496, which would have reflected a gain of 23 percent over last year and that is still a substantial increase. Overall, the luxury market is incredibly strong - the number of apartments sold over $10 million increased 318% from the first quarter of 2007,” said Diane M. Ramirez, president of Halstead Property.
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