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by CareyBot

You have to be a millionaire to afford the average Manhattan apartment, according to the latest quarterly report prepared for Prudential Douglas Elliman by Miller Samuel, a real estate appraisal firm. The average sales price of a Manhattan apartment in the second quarter of this year soared to a record-high $1.05 million, or 4.9 percent above the $998,905 average price for the first quarter of this year and 29.9 percent higher than the average price in the second quarter of 2003. The average sales price of a luxury apartment, defined as the top 10 percent of all sales, increased 3.8 percent from the prior quarter to $3.79 million. The average sales price of Manhattan co-ops, meanwhile, increased 9.7 percent over the prior quarter to $907,654. Inventory, meanwhile, increased to 5,211 i...