Manhattan: A World Unto Itself

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,

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.)

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