NEW YORK CITY-City records indicate that closed sales and median prices of cooperative and condominiums in New York City were just about the same as last year.
During the second quarter of this year, the median price for a Manhattan condo or co-op was $851,750, up from $850,000 in the second quarter of 2012. The average price of a Manhattan apartment was $1.4 million, according to the Wall Street Journal. It should be noted, however, that the number of deals listed as being in contract is as high as it has been in years. The Wall Street Journal derived the figures from closed sales filed with the city’s Department of Finance.
Hall F. Willkie, president of Brown Harris Stevens, said that despite high demand and low inventory buyers “are reluctant to pay a price that is not justifiable.”
“The market is going forward full speed ahead, but the market is very selective” said Kirk Henckels, director of Stribling Private Brokerage.“Buyers are not the drunken sailors they were back then.” See story in the Wall Street Journal.