BusinessWeek’s headquarters are in this quaint little structure in midtown Manhattan. But just because I work here doesn’t mean I understand the stupefyingly strong local housing market. Manhattan seems to have looked at the national housing slump and said, “Nope. Not here. Not now.”
Here’s a link to a report on the co-op and condo market in the second quarter of 2007. Highlights of the changes from the same period a year earlier: —The inventory of units for sale fell 31.5%. —The number of sales rose 103%. —The median sales price rose 1.7% to $895,000. —The average price per square foot rose 5.2% to $1,139. —The average sales price of a four-bedroom apartment rose 36% to $9.2 million.
(If you have a big family and you’re thinking of moving into Manhattan, start picking out which kids you plan to put up for adoption.)