Manhattan Real Estate Demand Increasing

by San Antonio Attorney

In the second quarter of 2011, the demand for high-end apartments in Manhattan helped raise the average value of homes in the area.

The average price of an apartment in Manhattan has increased by 5 percent from $1.32 million to $1.39 million, based on the market data collected by Corcoran Group.

Independent reports by Halstead Property and Brown Harris Stevens, real estate agents, have also revealed that the average selling price of a Manhattan apartment had gone up to $1.43 million throughout the period.

The boost of the Manhattan market was mostly due to the greater demand for apartments that are high-end. It constituted a bigger market share in the second quarter.

According to president of Halstead Property Diane Ramirez, each of the posted areas rises with the West side and East side indicating a double digit increase of prices in the large and three-bedroom apartment category.

Corcoran CEO Pamela Liebman said that those particular types of apartments were especially in demand as large families opted to live in the urban center and trade up.

Also, there are a growing number of international apartment buyers who have joined the bandwagon raising second home demands within the $6 million to $12 million price range.

Looking at the market’s peak, 28 units had been sold for at least $10 million each. The number is the highest since the pre-Lehman market in 2008, according to Jonathan Mille, the CEO and president of Miller Samuel, an appraisal and consulting services firm based in New York.

The last quarter’s top sales were a $47 million townhouse in the Upper East Side that was owned by Roger Barnett and Sloan Lindemann Barnett and a $48 million condominium at the Plaza Hotel bought by Igor Krutoy, the Russian composer, and his better half Olga.

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