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    Real Estate Prices in Manhattan Reach Record High

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    Geo Beats

    by Geo Beats

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    According to Halstead Property real estate firm, the price for property in the Manhattan area of New York City reached a record setting average of 1 point 7 million dollars, beating the previous record of 1 point 6 million set in the first few months of 2008.

    According to Halstead Property real estate firm, the price for property in the Manhattan area of New York City reached a record setting average of 1 point 7 million dollars, beating the previous record of 1 point 6 million set in the first few months of 2008.

    In the busiest beginning of the year since 2007, over 23 hundred condos and co-ops were bought for 98 percent or more of the sellers asking price, and an estimated 50 percent of the deals were made in cold hard cash.

    Scott Harris, a broker with Brown Harris Stevens is quoted as saying: “I have buyers who need to finance, and unfortunately they find themselves losing out a lot to cash deals on a regular basis.”

    Prices for three bedroom properties on the Upper East Side of Manhattan reportedly increased by 57 percent compared to last year.

    Sales of newly built high end buildings also broke previous records reaching an average of 1,834 dollars per square foot.

    Other statistics from real estate firms and brokerages show that several records were set in the first three months of 2014, including the sale of Penthouse One in Walker Tower, which became the most expensive home sold downtown when it was bought for 50 point 9 million dollars. Not to worry, Penthouse Two is still available.