Manhattan market ($1m-$4mm) continues strong

While there have been many reports about the glut of luxury apartments either in the market or coming to the market, the “affordable luxury” market continues to sell at a quick pace.

A couple of East side condo conversions have prices in the $1300 or so per square foot and that is a definite sweet spot of the market. As these buyers have had little relief to the shortage of inventory under $4mm and especially under $2mm.

Of course speculation of market slowdowns has caused some buyers even in this segment to pause according to Brokers.

My firsthand experience is of a studio that I sold recently at 400CPW which was priced under $800k and went for $20k over asking price and sold quickly. Also, an overall lack of inventory means that anything in the family size of 2 bedrooms/2 bathrooms moves quickly especially under $3 million.

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