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

Bloomberg: Going green will grant you longer life…

Former NYC mayor Michael Bloomberg tells Metro that cities are where fighting global warming can make a difference, and increase people’s lifespan.

International

Ban Ki Moon: "Climate change is an issue…

My message to you is: make your voice heard and your actions count. Change is in the air. Solutions exist. The race is on. It’s time to lead.

Local

Earth Day New York food toolkits to help…

Hundreds of classrooms across New York City already have indoor container gardens that allow students to grow food right where they learn. But Earth Day…

Local

NYPD announces street closures for United Nations General…

The United Nations representatives are in town, and multiple city streets will be closed to traffic through Saturday, Sept. 26. The NYPD is urging those…

Television

10 Facts you won’t learn about Frankie Grande…

Frankie Grande is the worst and/or the best. Whether or not you're a fan, you'll want to know these facts about the polarizing player from "Big Brother 16."

Movies

Antoine Fuqua can kill someone with just a…

It's amazing what you can get done with the right tools. In designing the climactic battle in "the Equalizer," in which Denzel Washington's retired special…

Movies

Guess Ben Kingsley's worst filmmaking experience

Here's a fun game: Sir Ben Kingsley has made a lot of films since "Gandhi" in 1982, but at least one of them was a…

Books

Does Lena Dunham have any secrets left?

Get a sneak peek at her new book to determine if it’s worth the read.

NFL

3 things that went wrong in Jets loss…

The Jets have very little room for error with a far-from-explosive offense.

NFL

Eli Manning finally feeling good in West Coast…

The Giants have very little time before their next game, but they still took a moment to relish the team’s biggest offensive outburst since Week 1 of 2013.

College

College football top 25 poll: Oregon, Alabama close…

College football top 25 poll: Oregon, Alabama close in on FSU

NFL

Jay Cutler takes Marc Trestman's coaching to heart

While Jay Cutler turned to an autobiography on the man who would be his head coach, Trestman had personal experience with the player.

Wellbeing

Exercising leads to more drinking — and we…

  We’re rewarding ourselves with more than dessert on days we exercise, according to a new study. On days when people exercise more, typically Thursday…

Wellbeing

5 gadgets to protect you from sharks, concussions,…

The medical industry is inundated with devices looking after all aspects of your wellbeing, from monitoring your sleep patterns to warding off shark attacks. We…

Wellbeing

Narcissism and the ugly side of vanity

I have a friend who constantly talks about herself and rarely asks any questions about my life. She is constantly preening, obsessed with her body,…

Wellbeing

Lacking new ideas, Apple Watch disappoints health experts

Technology pundits were quick to predict the demise of most fitness wristbands and smartwatches when the Apple Watch was announced. But health care professionals and…