July 6, 2017 Comments Off on Manhattan Still Condo Crazy Views: 775 New York News, Top New York Stories

Manhattan Still Condo Crazy

Home prices continue to rise in Mahanttan, with bidding wars and new price records, according to the latest report from Douglas Elliman.

“What is clear is that the Manhattan real estate market remains surprisingly robust, especially on the re-sale side,” said Steven James, CEO of New York City, Douglas Elliman. “Prices have moved higher, including two new records set, and there has been a sharp rise in sales, as inventory has slipped.”

The median price of condominiums increased 19% to $1,875,000. The median sales price of cooperative apartments increased 3.4% to $793,750.

The inventory of existing apartments shrunk, while the inventory of super-expensive, new apartments on the market keeps growing, as sellers gradually begin to offer discounts.

Read More at CityBizList

Read More at Douglas Elliman

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