Manhattan real estate prices hit record

NYC real estate hits new record
NYC real estate hits new record   

The average sales price for a Manhattan apartment hit $1,872,000 in the second quarter—an all-time high, according to data from Douglas Elliman.

The median sales price was the second highest of all time, at $980,000.

The average co-op price hit a record $1.5 million and so did resales. That's significant since the plethora of high-priced, new condo towers have been the main drivers of prices in recent years. Now co-ops, which make up the bulk of the Manhattan market and are sold mainly to U.S. buyers, are gaining ground.

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Still, they have a long way to go—the average sale price for new developments topped $4.1 million, or $2,011 per square foot in the quarter.

But those skyrocketing prices may be getting too rich—even for the rich. Total sales volume fell by 20 percent year over year. That marked the fourth straight quarter of declines.

Inventory is not budging, with about a six-month supply.

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So what do you get for $1.87 million? A Douglas Elliman listing for that figure on Broad Street, in the Financial District, has one bedroom, two baths, around 1,400 square feet, hardwood floors and high ceilings.

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