Whenever you’re starting to feel like real estate prices in your city are getting out of hand, just turn your attention to New York. It’ll make you feel better.
The New York Times published an interactive overview of the Manhattan real estate market today. It was spurred on by the fact that the average residential sale price in Manhattan just hit $1.7 million (a new record) and that there’s a growing number of 8-figure apartments being bought up.
Last year half a dozen apartments sold for more than $50 million in the One57 tower at 157 West 57th Street. (The New York Times calls this building the “undisputed center of Manhattan residential extravagance.”)
Here’s one of their diagrams showing the number of residential sales over $10 million in 2009 and then in 2015:
And here’s another one of their diagrams showing the bottom and top 10% of the current market:
It’s interesting to see the clustering in certain areas and also the lack of clustering at the high end around the top of Central Park.