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Looking Back at 2014

Uncategorized // Dec 19, 2014

1040_Fifth_Ave_14Flr_03

Flashback December, 2013: Trepidation abounds as a banner year in Manhattan real estate winds down and many are concerned as to whether prices or sales volume can hold their ground much less pick up pace. The typical interest rate concerns as well as fears that new product may not be absorbed echoed through the streets of Manhattan. A new mayor was about to be inaugurated and many of the city’s wealthiest inhabitants paused (for a nano second) to reconsider their investment(s) in Manhattan real estate.

Fast forward to 2014: Although inventory is up 10% since last year, there are 35% more homes in contract. Condo prices are up almost 8% on a price/sf basis and median prices thought the entire residential sector are up almost 5%.

2014 truly seemed to be the year of the TROPHY property with record setting 2013 sales numbers being shattered multiple times. The 103 billionaires that live in New York City were busy but so were others from every corner of the globe as 2014 saw an infusion of both domestic and foreign money. It was truly an incredible year for Manhattan residential real estate.

* Data via UrbanDigs.com