The real scenario of Manhattan apartments for sale

1. One of the lucrative areas of the New York real estate arena is the island of Manhattan that is considered as one of the finest financial and cultural capitals of the world economy. The Manhattan area covers an area of over 23 square miles that covers some of the most famous landmarks found anywhere and some of the most desirable neighborhoods from Gramercy Park to Greenwich Village, SoHo, the Upper East Side and the TriBeCa (the triangle below Canal Street). The Manhattan real estate includes a wide range of offerings from historic prewar residences to beautiful brownstones, superb lofts and penthouses, elegant homes and Manhattan apartments for sale in areas such as Park Avenue, Fifth Avenue and Central Park West. The Manhattan apartment market is sizzling as a hot summer because the average price of an apartment jumped around 8% to $1,451,621 with apartment sales surging up. The rising interest rates concerns had forced buyers to rush in during the third quarter of 2013 that sent sales to near record levels while pushing prices upward. There were 3,240 sales in the quarter which is a 16% overall jump. The quarter saw a 75% surge in sales of apartments priced over $10 million that included a $42 million sale at 18 Gramercy Park and a transaction of $ 29 million at 15 Central Park West. The real scenario of Manhattan apartments for sale

2. Another report from Douglas Elliman showed sales rising by as much as 30% to almost 3,837 of Manhattan apartmentsthat went up for sales,which is the second highest level in 24 years. The sales hype that is fueled by pent up demand occurred despite the low inventory that continued to plague the market. The listing inventory fell to 21.9% to 4,567, which is of lowest level in thirteen years. The available Manhattan apartments for sale are less due to sellers’ hesitation in listing their homes, as they fear that they would not be able to secure credit to purchase a new apartment. With a high demand, sale of apartments moved up, on average apartments had a signed contract in 77 days that is 29% less time than a year ago. The continuing increase in the price of Manhattan properties are driving international real estate buyers to look farther away from the core areas in search of higher returns for their money. The investors are looking up for properties within the New York real estate scenario in other boroughs as well as riskier development sites. However, this push into outer boroughs of the real estate NYC where properties are much cheaper than those in Manhattan is resulting in the decline of the average selling price for the year-2013. Majority of explosive growth in the Northern Manhattan area is due to the result of the sale of multifamily residential properties. This surge in buying in Northern Manhattan culminated the neighborhood average price per square foot to increase from $205 in 2011 to $313 during the third quarter of 2013, which is an increase of 53% that is a record in itself in terms of dollar volume and sales numbers.