The median sale price for new luxury homes in Manhattan jumped 72 percent — to $7.85 million — in the last year, up from a mere $4.564 million in the last quarter of 2012, reports NyPo.
Pam Liebman, CEO of Corcoran says Manhattan homes listed for $100 million are now a “new market reality.”
“That high-end buyer is still buying and the numbers will only get higher. Everyone is hot on housing,” said said Dottie Herman, president and CEO of Douglas Elliman. “In 2014 and 2015 we will see total price increases in that market because of all the new development — last year 12.5 percent of inventory was new construction — and new development is nothing cheap.”
Hear that, Janet? Gotta keep the funny money flowing, new development is nothing cheap.
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