Wealthy New Yorkers Keep Buying Real Estate

By
Photo: iStockphoto

Third-quarter Manhattan market reports released today confirm that, even as the overall economy continues to struggle, New Yorkers are still bullish on real estate. Especially rich New Yorkers. The number of co-op and condo sales jumped by 16.7 percent from a year ago, according to Prudential Douglas Elliman — much of that priced above the million-dollar mark. In fact, sales in this segment now account for the second-highest market share since the credit crunch paralyzed everything in its wake. Luxury apartments saw their absorption rate — the speed at which the market sells off its supply of existing listings — drop to 10.8 months, which is the fastest since the summer of 2008. Additionally, the number of transactions for these spaces is up by 31.3 percent in the quarter, per Streeteasy.com. Brown Harris Stevens saw average prices rise to $1.44 million, lofted in part by transactions above the $5 million mark. And in a surprising twist, new developments trumped co-ops and condos when it came to median prices: According to Streeteasy.com, they fell for pretty much everything EXCEPT new construction.