New York City real estate market immune to malaise; home values rise again
None of the bad news about the U.S. housing market has seemed to matter to the big spenders lining up to buy homes and apartments in New York City.
The average sales price for a Big Apple dwelling climbed to $782,000 (€531,178) in the third quarter of 2007, an increase of 20 percent over the same period a year earlier, according to a report released Wednesday by the Real Estate Board of New York.
Prices were highest in Manhattan, where the average home sold for $1.33 million (€900,000), or around $1,176 (€799) per square foot. The cost of a home went up in every borough except Staten Island, which saw a 2.8 percent drop.
The price hikes stood in sharp contrast to what has been happening in the rest of the country, and even the New York City metropolitan region as a whole.