Bloomberg reports that Manhattan apartment prices hit a record in the second quarter. The average sale price of a Manhattan apartment is a staggering $1.87 million. The average price of a luxury apartment is $8.18 million—a 13% increase over last year. Almost $2 million bucks for 1,200 square feet of living space—that’s more than 28X the median household income in Manhattan. Obviously the median household in Manhattan isn’t an apartment owner. Even for the folk who can scratch together a cool $375,000 for a 20% down payment, the monthly mortgage payment on the median Manhattan apartment is … [Read more...]
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