Sunday, January 04, 2015

Nobody Goes There Anymore, It's Too Crowded

Prices in Manhattan are nuts.
The number of units coming to market at the so-called “entry level,” defined by prices at less than $1,700 a square foot, is also expected to rise. More than 800 units in this category are expected to enter the market in 2015, up from 306 in 2014. One-bedrooms in this segment were selling for an average of $1.19 million in the third quarter of 2014, based on contracts signed. The overall market share in this category is forecast to remain steady, with entry-level units making up just 13 percent of the new-development pie.