Average Sales Price Of Manhattan Apartment Reaches Record High Of $1.87 Million
NEW YORK (CBSNewYork/AP) -- It's going to cost you a lot of green to buy a home in Manhattan.
The average sales price of a Manhattan apartment has eclipsed $1.8 million -- a new high.
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In a report for Douglas Elliman Real Estate, the appraisal firm Miller Samuel said that its figure, $1.87 million, compares to $1.77 million reached in the first quarter of last year.
The Corcoran Group puts the average Manhattan sales price at $1.81 million. Corcoran Group also told Bloomberg that Manhattan's median price and price per square foot reached the highest level in six years amid "supply shortages" of apartments for sale, particularly at less than $2 million.
Corcoran says the median sales price is now $960,000. The Douglas Elliman report puts it at $980,000.
The median price measures the middle of the market and is less affected by high-end sales.
Douglas Elliman Chief Executive Dottie Herman told The New York Times that New York real estate experts "don't even blink'' at the numbers, and added "any place else, they're outrageous.''
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