Average Price of Manhattan Apartment Tops $1.2 Million

[Placebo]

The average sale price for a Manhattan apartment topped $1.2 million in the first quarter, a new record, as the supply of properties for sale shrunk, according to the Prudential Douglas Elliman Manhattan Market Overview.

The average sale price rose to $1.21 million -- up 23 percent from the final quarter of 2004 and up 26 percent from a year ago.

In the condominium sector, the average sale price jumped to $1.55 million -- exceeding $1.5 million for the first time -- and surging 34 percent from 2004's fourth quarter, the report said. The average condo sale price went up 22 percent from the year-ago first quarter.

For Manhattan's entire apartment market, the average price per square foot climbed to $910 -- topping $900 a square foot for the first time. That's up 16.7 percent from the fourth quarter of 2004. It's a gain of 28 percent from a year earlier.

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:wow:

[JohnKleeb]

1. *crosses manhattan off of places to consider living*

[Placebo]

2. You and me both.

I'll never make that kind of money. lol

[JohnKleeb]

4. Yeah and I wouldn;t do organized crime

[despairing optimist]

3. Who are the people with the milliions to buy all those Manhattan apts?

And why don't I know any of them?

[sir_captain]

5. You don't need to pay all the money up front

Probably more like $100,000 with a $2-3000 monthly mortgage. Still a lot of money, obviously, but a hell of an investment.

[candle_bright]

6. I couldn't live there anyway

too frickin' crowded. NYC is the only city in the world where I've almost had a panic attack. Nothin' against the NYC peeps, just a concrete jungle.

[asthmaticeog]

7. Screw Manhattan, anyway.

I was just in NYC last week, and Manhattan can eat a bag of dick. Brooklyn's infinitely cooler.

[Placebo]

8. How so?

:)

[asthmaticeog]

11. Lots of reasons.

Far more interesting art and music shit going down, real and widespread community involvement from a ridiculously diverse bunch of people, and it's about half the rent for ten times the space. OK, the really badass museums are in Manhattan, but that's what the L Train is there for.

[Zuni]

12. agreed

Brooklyn is where its at. I would much rather have a brownstone in Park Slope than live in some cramped, over priced one window hovel in Manhattan

[Historic NY]

9. Of course they don't tell you most of these so called condos are really

tiny shoeboxes. Try googling for smallest apts. in Ny some are converted closets.

[NYC]

10. You're right about that.

:hi:

[Placebo]

13. How could you live in a closet?

:silly: