From CNBC:The records keep piling up for Manhattan real estate.
The fourth quarter saw a string of records broken—from number of deals and average sale prices to dwindling inventory—as the rich from around the world scoop up luxury apartments as a store of wealth.
The average sales price in Manhattan rose 5.3 percent to $1,538,203 in the fourth quarter compared to a year ago. That marked the highest-ever price for a fourth quarter. The median sales price for condos is the highest-ever tracked, hitting $1.3 million.
And the inventory of apartments for sale has shrunk to its lowest level in recent memory, with a little over 4,000 apartments for sale.
The total number of sales surged 27 percent—a surprisingly strong increase given the rush in the fourth quarter of 2012 to do deals before the "fiscal cliff" tax changes.
While the overall market is on fire, New York is quickly becoming a tale of two markets—the soaring condo market and the lackluster co-op market.
The average sales price for condos surged 13 percent over the prior year to $2,115,228. The number of sales jumped 23 percent.
Yet co-ops—those storied preserves of Manhattan wealth and exclusivity—are being left behind. The average price for co-ops fell 1.6 percent in the quarter to $1,171,552, Elliman said.
Brokers say the main reason for the difference is foreign buyers, who are virtually banned from the co-op market, since co-op boards often won't approve them and the overseas rich don't want to reveal their financials.
Plus, foreign buyers prefer the newly built, gleaming glass condo towers to the prewar co-op apartments of the past.
If luxury condos are what everyone presumably wants, then why do we need to subsidize their construction? Especially since it's not even people in need of housing that are buying them?
7 comments:
Manhattan might as well be a gated community or just secede from the state altogether.
the utopian speeches by our new mayor and public advocate just sound hollower and their goals certainly unachievable.
the funsize mayor coup de tat of the middle class and poor for his billionaire bastards club will impede any "progressive" policies our anti-horse mayor will implement.Like the damage Obama inherited from W(which O found a way to exploit to justify his failures)
no future for you
Johnny Rotten
Foreigners shouldn't even be allowed to buy land or property in big cities that are lacking land to build on. How is it fair that foreigners want to buy land or property here (most don't even live in them, they just rent out everything) and they push up the prices of our homes and rents unnecessarily? The "housing recovery" in this country is nothing but pure illusion that is being created by foreigners and developers and foreign developers. No "real American citizen" can afford to buy a house these days (unless you're a part of the one percent of course) . Home prices in nyc are out of control and so are the rents. The government needs to regulate the sale of land and property to foreigners and developers in this city. You know if you go to china the only way you can buy property over there is if you have lived there or went to school there for a year? Yet, we have no rules to regulate any or that. Let those people looking for luxury condos to move to nj....nj has plenty of room and is close to the city. The government needs to regulate the sales better if you ask me.
Only 4000 available and that's a shortage? Find me 4000 people who can spend 1.5 mil on a Manhattan condo and want one and don't already have one!
Foreigners are buying up all this shit to get free lifetime green cards for the whole family.
Those people then spit out a bunch of kids then go to school on our dollar, get special funding & preferences to jump the line and law on EVERYTHING !!!!!
The developers, builders and politicians on this gravy "train" of cash & payola hit a gold mine with these f_cking god dam foreigners.
Why do you think it is no politician dare talk about this "buy a greencard" scam ?
"Find me 4000 people who can spend 1.5 mil on a Manhattan condo"
A:--One day in a Hong Kong or Arab newspaper if they are new glass ugly buildings.
Can't kick out foreign capital. That's tantamount to nationalization of assets. More importantly, our economy (especially NYC's) and the US dollar would collapse.
Review of the immigration law permitting green cards for foreign investors, however, is the much better idea. Too much gaming of that system.
High-dollar Manhattan real estate is basically a bank account for foreign nationals who don't trust their home countries governments or financial institutions(Russia, China, etc).
Post a Comment