Manhattan's apartments and housing market recorded a massive surge in 2012. The year saw huge billionaire home sales and buys that set off the cash register tinkling for the real estate dealers in the area.
A recent Wall Street Journal report said that sales shot up commendably, even for the not-very expensive apartments and the median prices also recorded a slight growth.
Out of the 10 most expensive home sales of Manhattan on record, five of the deals were closed in 2012. The five deals also include the three most expensive deals in the ten most expensive sales list. The report reveals that 11 homes were sold, each for more than $30 million in 2012 when compared to the 5 homes sold for the same price last year, reported Wall street Journal.
Expensive apartment sales in Manhattan went up to 10.5 percent in 2012. In addition to the rich sales, condos that cost less than $1 million also saw a surge in its sales by 9.4 percent when compared to the figures of 2011, reported WSJ.
Prices of homes also shot up in Manhattan. The median apartment price went up by 1.9 percent while the average price went up by 1.4 percent to $1.44 million.
A broker at Sotheby's International Realty, Meredyth Smith stated that there are a few more mind-blowing properties which are being chased by a lot of money indicating the solid demand circling the real estate business., reported WSJ.
Significant players in the real estate field believe that the coming year will be a sturdy and prosperous year for the real estate business despite the bleak economic direction. However, the "fiscal cliff" could affect the stock market that could leave aftershocks for the real estate market.
