While many buyers became nervous following the fall slump in Manhattan condominium prices, The Aggregate fourth quarter real estate report by TOWN Residential on townrealestate.com shows that prices rose 11 percent over the close of 2014, and rose 7.6 percent during the last quarter proving that the fall slump was just a slight bump in the road.
The report found that on the last working day of 2015, there were 4,326 condominiums for sale in Manhattan and 3,637 on the market in other areas of New York City. Comparing the asking prices on these condominiums shows a very balanced market with 493 units priced over $10 million, 601 units priced over $5 million but less than $10 million and 1,132 units priced more than $2 million but less than $5 million.
In analyzing the report that was originally posted on Virtual Strategy Marketing, founders of Town Residential, the premier luxury real estate agent in New York City, says that buyers are still prepared to buy these properties. They find, however, that buyers are no longer willing to purchase at any price. Therefore, some properties are staying on the market longer than they have in recent years.
The founders also say that resale of existing properties remains somewhat soft since the sharp increases in prices is due mainly to the sale of new trophy condominiums. The size of the unit remains an important selling point with the purchase price of a square foot rising 11 percent over 2014. This is a trend that is likely to continue for the foreseeable future.