Thursday, May 15, 2008

Manhattan Homes Hit A New Record of $1.6 Million!

NEW YORK - Manhattan apartments hit new record highs in the first quarter of 2008. According to NY's top real estate agencies, strong sales in the city's flourishing luxury segment have been the market's main driver, but that overall sales are slow. Demands are high and supplies are tight for multi-million dollar luxury apartments in Manhattan.

The average cost of a New York City apartment will range between $1.63 million to $1.72 million during the first quarter of 2008, based on separate reports there is an increase of anywhere between 19 percent and 47 percent over average apartment prices for the first quarter of 2007. The two of the most elite addresses with units on the market are excluded - 15 West of Central Park and the Plaza, where the average prices came down to $1.42 million.

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