AgentMarkets & Economy

Manhattan luxury sales increased last two quarters

Mid-market luxury homes priced at $1 million to $5 million providing agents more opportunities
  • CityRealty's overview shines a positive light on luxury residential sales, contrary to reports of a sluggish market.
  • Several prominent Manhattan residential towers saw drops in average price per square foot.
  • Developers aiming to get out of the oversupply might consider shifting gears to the mid-luxury niche, generally around $1 million to $5 million.

Between October 2015 and March 2016, Manhattan’s top 100 residential buildings sold 566 apartments combined -- a substantial increase from 344 sales in the same period one year prior, according to The CityRealty 100 Index. "The CityRealty 100 Index covers both old and new condo developments in Manhattan. We think it offers a fairly broad scope of the luxury market," said Gabby Warshawer, CityRealty director of research and communications. "We take into account a variety of factors for including buildings on the index." In addition to providing an overview of sales history, CityRealty uses building popularity and its own ratings to determine which of Manhattan's residential properties make the list. Only buildings with sales of $1,000 per square foot and higher are included in the report. CityRealty's overview shines a positive light on luxury residential sales, contrary to reports of a sluggish market. "That is the chatter, but it isn’t closed sales statistics," War...