Manhattan Home Prices Rise 2.3% on Luxury Condo Sales
Manhattan apartment prices rose 2.3 percent in the third quarter to a median of $864,400 as wealthy buyers swept up large, multimillion-dollar luxury condominiums.
The median price of a condo in the nation’s most expensive urban market jumped 5.2 percent from a year earlier to $1.12 million. The price of co-operatives, apartment buildings where residents can impose their own financial requirements on buyers, fell 2.4 percent to $668,500, according to a report today by the real estate data company Radar Logic Inc.
Manhattan is outperforming the national housing market as bonus earners and international investors bid up prices and help the city fend off the housing slump. That trend might be threatened as home loans of more than $417,000 become more expensive and Wall Street executives face the prospect of pay cuts brought on by mortgage-related losses.
