Manhattan apartment sales prices rise
The average sales price of an apartment in Manhattan is expected to top $2 million this year for the first time, but prices are seen leveling off in 2017 after nearly doubling over the past decade. Prices were pushed higher by a jump in sales of condominiums valued at $10 million or more, which skewed results, CityRealty, a real estate listings and data website for New York City, said on Wednesday. The opening of 432 Park Avenue, a 96-story tower marketed by developers as the tallest residential building in the Americas, had an outsized effect on prices, said CityRealty research director Gabby Warshawer. Prices have climbed every year since 2011 but are expected to flatline next year. A lack of expensive, large new buildings will act to keep prices in check in 2017, CityRealty said. The potential impact on sales and prices of the recent rise in mortgage rates was not analyzed, Warshawer said. Mortgage rates have shot up since the Nov. 8 U.S. election as interest rates have climbed broadly on expectations of faster economic growth and accelerating inflation under stimulus programs President-elect Donald Trump wants to enact.
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