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The high-end buying frenzy is hitting new heights in gateway cities, as NYC’s average apartment price just topped $2M for the first time in history. The new average comes from a slew of recent closings in Manhattan—ones where contracts were signed as far back as three years ago.
This delay means the new average masks a cooling off in demand for these uber-luxury homes, Bloomberg reports. Jonathan Miller, president of appraiser Miller Samuel, tells Bloomberg that the closings underscore just how hot the markets were in 2013 and 2014. “The flood of new-development closings represents a different time in the market,” he says. [Bloomberg]
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