Lately, the popularity of Manhattan as the ideal place to invest for those interested in owning property in New York has tremendously soured. While some people were pessimistic about Manhattan as the ideal place to invest, the latest real estate numbers seem to prove them otherwise. The tremendous growth in 2014 has seen many investors take note of the area. While most of the areas in the United States are still recovering from the recession, Manhattan real estate has reached record levels. The average price of a condominium in 2014 reached the best ever mark of $1.68 million mark, which is 10 percent higher than the previous mark in 2008 and 16 percent better than in 2013.
The median price for Manhattan apartments also recorded 6.6 percent growth from 2013 to hit $911000, which is slightly higher than in 2008. The popularity of Manhattan as one of the most rewarding area for real estate investment can also be highlighted by the increased demand for condominiums. While the area has lately witnessed large development of condominiums with 6500 expected to hit the market in 2015 alone, experts still believe that number is not adequate enough to ease the current demand.
Furthermore, despite the increased number of real estate developments, real estate brokers still point out that the available properties in the market does not offer enough price diversity. Experts highlight the fact that properties are being snapped up more quickly than has happened since 2008 as a highlight to the fact that demand is still more than the supply. Furthermore, while some properties availability in the market is increasing, other segments continue to be underserved. Of all properties being listed in the market, one-bedroom apartments command paltry 10 percent while studios take 15 percent. Two-bedroom apartments have an 18 percent market share while three-bedroom and four-bedroom apartments command 36.9 percent and 34.7 Percent respectively.
It is also important to point that investors in Manhattan real estate are enjoying greater profits than previously witnessed. The market for condos selling asking $10 has tremendously witnessed 191 percent growth of sales from 2013, which is yet another indicator of what to expect in 2015 and in the near future. The tremendous change in fortune for real estate investors like Jody Kriss is being attributed to the Manhattan ability to attract local and international guests due to the area’s vibrancy and striking beauty. According to data from New York City tourist bureau, Manhattan attracts more than 35 million visitors annually with some ending up buying homes in the area.
Some experts argue that the tremendous growth witnessed in real estate can be attributed to the 23 square miles area ability to transform itself into the world’s financial and cultural capital. The area is now the ideal living choice for people who truly cherish the urban lifestyle and culture. It is therefore not a wonder that ultra high-end luxury condos sold asking $10 million or more are some of the best selling property in the area. The prominent features and landmarks in the neighborhood have also contributed to the popularity of Manhattan as an ideal place for internationals. The visitors ability to enjoy some of the world-class shops, museums, art galleries and theaters makes the area pleasant to the multi-millionaires and hence the great transformation.