It has long been a joke for many people who live in the city, but the average price of an apartment in Manhattan just hit an all-time high - and the average Joe isn't going to be able to afford it. The average price hit $1.95 million in the fourth quarter, according to CNBC - even though stock markets and overseas markets have continues to slow down.
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Sales in real estate sales grew 9 percent compared to this time last year, as per research from the real estate firm Douglas Elliman. Prices just keep jumping, and there is no end in sight. The average sales price jumped 12 percent from last year, and median sales hit $1.15 million. The price per square foot comes in at a record high of $1,645.
Manhattan real estate has always been extremely high, and this price shows that the city is still a strongpoint for the financial world - especially those who are trying to escape the financial markets and real estate slowdown in China and other major cities across the globe.
"The (Manhattan) market continues to be a safe haven," said Jonathan Miller, president of Miller Samuel, an appraisal firm. "The volatility and government intervention in China will just incentivize more outflows."
However, Manhattan is still owner heavily by renters and those who are struggling to make it from month to month. For those who are buying, older buildings tend to be in favor, simply because they are running out of room in Manhattan for newer buildings. There are buildings that are being knocked down, but they are being replaced by newer, far more expensive apartments.
Condos account for about 19% of the market, and Miller said that there could be another 5,500 new units to come onto the market in the next year - a record that ties what happened in 2015.
"The concern is whether all the new supply can be absorbed," Miller said.
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The reason that Manhattan can charge so much and still have people clamoring? There are simply that many people who are looking to live in the City That Never Sleeps and take advantage of all it has to offer.