Manhattan apartment sales reach highest level in 25 years

The Manhattan skyline is seen from the 68th floor of the 4 World Trade Center tower in New York, November 13, 2013.  Credit: Reuters
Inventory of apartments is at a record low.
Credit: Reuters

Sales volumes of Manhattan apartments jumped 30 percent in the fourth quarter, a report on Friday showed, as buyers put aside concerns about the strength of the overall economy and pushed inventory levels to historic lows.

The report by Douglas Elliman Real Estate showed there were 3,297 sales in the closing months of 2013, the most since the company’s records began 25 years ago. The supply of units was down to 4,164, or its lowest level in 14 years.

The median sales price for condos in New York City hit $1.32 million, up 14.3 percent from last year. The median sales price for co-ops, which comprise the bulk of sales, was $680,000, up 4.6 percent since last year.

Experts said increasing mortgage rates and dwindling inventories had prompted many buyers to finally take the plunge.

“There was a sense of timing to be in, and that carried through in the last two quarters of the year to record levels,” said Jonathan Miller, president of Miller Samuel Inc., a New York City real estate appraisal and consulting firm.

Miller said he expects to see modest, single-digit price growth this year, after the heightened activity of 2013.

“I don’t see this as sustainable,” Miller said. “I do see it being active in 2014, but I look at 2013 as more of an anomaly, a blip in terms of activity.”


News
Entertainment
Sports
Lifestyle
National

Florida man charged with murdering son to play…

A Florida man annoyed that his 16-month-old crying son was preventing him from playing video games suffocated the toddler, police said on Friday.

International

Powerful 7.2 magnitude earthquake rattles Mexico

A powerful earthquake struck Mexico Friday, shaking buildings and sending people running into the street, although there were no reports of major damage.

News

OMG! Exercise can make skin (and butt) look…

A moderate exercise regime can turn back time and actually reverse the skin's aging process, according to new research. The study showed that a minimum…

International

Jews in eastern Ukraine ordered to register, Kerry…

Secretary of State John Kerry condemned reports that Jews in eastern Ukraine had been ordered to register with the authorities "or suffer the consequences."

Entertainment

Whoopi Goldberg makes her debut as marijuana columnist

"It helps my head stop hurting, and with glaucoma your eyes ache, and she takes the ache out. It's wonderful," she said.

The Word

Kate Middleton made fun of Prince William's bald…

Kate Middleton and Prince William are in Sydney, Australia, right now, and it sounds like that brash Aussie sense of humor might be rubbing off.

The Word

Is Tom Cruise dating Laura Prepon?

"Mission: Impossible" star Cruise is said to be dating Laura Prepon, star of "Orange is the New Black."

Television

'Scandal' recap: Season 3, Episode 18, 'The Price…

Sally is Jesus, Olivia caused global warming, and Mellie's still drunk. Let's recap the Scandal finale. A church full of Washington insiders is about to…

NBA

Deron Williams leads Nets over Raptors in Game…

The Nets traveled to a raucous Air Canada Centre but came out with an important Game 1 victory over the Raptors.

NBA

Carmelo Anthony agonizing over Knicks future as season…

There’s still the cloud hanging over the franchise’s head as to the pending free-agent status of All-Star forward Carmelo Anthony.

NFL

Jets host players with eye toward NFL Draft

The Jets hosted a number of NFL Draft hopefuls for workouts on Thursday, with an eye toward some under-the-radar players.

NFL

Chris Johnson: I wanted to go to 'a…

Now that Chris Johnson is a Jet, the team has to figure out if one of the most explosive players in the NFL over the last half decade has anything…

Parenting

How to parent without gender stereotypes in a…

Christia Spears Brown, Phd. author of "Parenting beyond Pink & Blue" gives advice on raising kids free of gender stereotypes.

Tech

VIDEO: 'Vein-scanning' may become the future of paying

Designed to make transactions quicker and easier, the technology works by scanning the unique vein patterns in each person's palm.

Tech

#FollowFriday: 10 of the smartest Twitter accounts

Spending lots of time on Twitter? You might as well learn something. Here are some of the smartest accounts to follow.

Style

Light-up nail art syncs with phone

This Japanese technology syncs light-up nail art with your phone.