In Manhattan, the average apartment price in the fourth quarter has hit a record of $1.95 million. This trend, according to real estate agents, is expected to defy the current status of stock market which is very volatile overseas, a report from NBC News said.
According to the report, real estate company Douglas Elliman said that the real estate sales in Manhattan grew 9 percent compared to the sales in the same quarter last year. The company, however, noted that the real estate prices are soaring as expected.
In fact, the real estate prices are now higher as it hit 12 percent with the median sales price of $1.15 million. The company also said that the current price per square foot is now at $1,645. With the higher prices, it goes to show that Manhattan is still one of the best locations where wealthy people choose to live despite the unstable financial market.
"Manhattan real estate remains a tale of two markets. The condo market, driven in part by new construction favored by overseas buyers, is on a tear, with average sales prices jumping 25 percent over the past year to $2.66 million, and the price per square foot up 26 percent to $1,959. For just new construction, average sales prices hit $3.29 million or $2,210 a square foot," the report said.
In a statement, Jonathan Miller, the company president of Miller Samuel, an appraisal firm, said that the real estate in Manhattan is still considered to be a "safe heaven."
"The (Manhattan) market continues to be a safe haven. The volatility and government intervention in China will just incentivize more outflows," Miller said.
Miller added that the in Manhattan alone, condo units account to about 19 percent of the real estate market. He also projected that the current share will be doubled next year because the number of units that will be constructed this year will be more than 5, 500 units.
"With a population of 1.6 million residing in an area of about 34 square-miles, Manhattan represents the epitome of big city life. Brimming with theaters, museums, restaurants, universities, quirky neighborhoods, and historic attractions, Manhattan is the ideal living choice for those who truly enjoy the urban lifestyle and the culture that comes with it," Elliman said.
