Manhattan Real Estate Explained: "Very Expensive"
Although the rent on Manhattan apartments is far too expensive for you to afford, look on the bright side: the prospect of buying a Manhattan apartment is also a laughable dream that recedes ever farther from the realm of possibility (for you).
The very latest figures on the Manhattan apartment market, via Corcoran: the median (midpoint) apartment price is $920K, and the average apartment price is $1.7 million. Fortunately, inventory is growing, so there is a larger selection of apartments that you cannot afford.
No one can put this sort of devastating economic trend in its proper context quite like the CEO of a powerful real estate firm. From the Times:
"New York is getting very expensive," said Pamela Liebman, chief executive officer of Corcoran...
"When the average price jumps to $1.6 million," Ms. Liebman said, "there's a group of buyers that can no longer afford the apartments they want in Manhattan."
Never thought of it like that.
