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Manhattan Apartment Prices Booming

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New York Real Estate Rising

New York Real Estate Rising

NEW YORK — Good news for the Manhattan real estate market: Apartment prices rose last year across the board, with the highest gains coming in larger, luxury homes.

A CNBC story by real estate reporter Diana Olick cites uncertainty about economic policy out of Washington for blockbuster sales in the fourth quarter, which reached their highest level in 25 years.

Olick writes, “Total sales of both co-ops and condominiums jumped 40 percent in the fourth quarter of 2012 year from the same period in 2011, according to a new report from Brown Harris Stevens. The average co-op price of $1,285,426 was 12 percent higher than a year ago, while three-bedroom and larger co-ops saw a 34 percent price leap.”

Scarce inventory — at its lowest point in 12 years — will keep upward pressure on prices.

A look at the upper segment of the market showed even greater strength.

“Sales of properties priced over $10 million rose 44 percent from a year ago, and this does not include several major transactions in the last days of the year,” Olick wrote. “One record $54 million east side co-op sale helped push average prices higher in that area by 20 percent.”

In October, real estate mogul Billy Procida that New York real estate couldn’t get cheaper, especially factoring in historically low mortgage rates — this week, 3.45 percent on a 30-year loan — and demand that had just started to pick up.

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Written by Bruno

2013.01.03 at 11:53

Posted in Uncategorized

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