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

At 91, Marvel creator Stan Lee continues to…

By Piya Sinha-RoyLOS ANGELES (Reuters) - Marvel Entertainment's chief emeritus Stan Lee may be in his ninth decade, but it hasn't stopped him from adding…

National

Islamic State says beheads U.S. journalist, holds another

Islamic State insurgents released a video purportedly showing the beheading of U.S. journalist James Foley, who had gone missing in Syria nearly two years ago.

Local

VIDEO: NYPD seeks shooter in East New York…

Cops are on the lookout for an unknown shooter who aimed and missed hitting a man on a bicycle, instead nearly striking a nearby officer in East New York.

Local

NYS state forces thrift shops comply with ban…

Nine New York City thrift shops were reprimanded by the state attorney general for selling children's clothes with drawstrings around the neck and waist.

Television

'Pretty Little Liars' recap: Season 5, Episode 11,…

Caleb's not a ghost. Spencer might still be an attempted murderer. And Hanna's going to die next week. In other words, we actually got some…

Movies

At 91, Marvel creator Stan Lee continues to…

Marvel Entertainment's Stan Lee is adding outposts to his creative empire to interest a new generation of children in super heroes of all shapes and sizes.

Television

Mira Sorvino explores immortality on 'Intruders'

Mira Sorvino's new show "Intruders" centers around a secret society that achieves immortality by taking over the bodies of other people.

Television

5 things you need to know about new…

"Doctor Who" returns Saturday with a new star, Peter Capaldi. Here's some things to know about him (mainly his turn as sweary spin doctor Malcolm Tucker).

MLB

Shane Greene travels unlikely road to Yankees stardom

Shane Greene was throwing a bullpen session on a quiet field at Daytona Beach Community College one day when the ball started moving.

NFL

2014 Fantasy Football: Rankings, list of top NFL…

2014 Fantasy Football: Rankings, list of top NFL tight ends (TE)

MLB

MLB Power Rankings: Angels supplant A's, Nationals climb

MLB Power Rankings: Angels supplant A's, Nationals climb

NFL

David Wilson returns to triple jump, sets sights…

Giants fans know David Wilson can jump. They are just more used to seeing him go for backflips, not distance.

Style

11 timeless gifts for registries or just because

Gifts to prove you're a style maven once and for all.

Parenting

How everyday moments can inspire kids' creativity

"The Artist's Way for Parents" author Julia Cameron gives advice on how parents and children can be creative together.

Tech

How to stay safe online

Stop worrying about keeping your online passwords safe, and start worrying about keeping your username a secret. Actually, worry about both. According to Shaun Murphy…

Tech

OpenTable now lets you pay your bill via…

The restaurant app OpenTable added the ability to pay your bill (and tip) with your phone, thus cutting back on a few dining annoyances.