Updated 09:04 PM EST, Thu, Nov 26, 2020

Manhattan Condos Expected to Sell at $3M Soon! Will You Buy One?

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"A new condo in Manhattan will cost over $3 million next year," an article by the CNN Money was headlined with.

That means, unless you are one of those multi-millionaires flush with cash, you can take with you the dream of owning your very own condo elsewhere, just not in the New York county.

A recent report by the real estate listing and data website CityRealty, as told by CNN Money, shows that new condo units within the city are getting more and more expensive lately, with homebuyers for the higher-end models bearing the brunt of the price surge.

For the following year 2016, the average cost per square foot of a new Manhattan condominium unit could reach about $2,150. This translates to a price tag of more than $3.3 million for a roughly 1550 square-foot of new property. And by 2017, the median sale price of a new condo is predicted to go up as high as $3,625,000.

Just last year, the median asking price for a new unit stands at $2,539,113.50, the article also cited.

"We are shaking off the hangover of late 2008 which lasted quite a few years," director of research at CityRealty, Gabby Warshawer, explains. "In 2011-2012 we saw solid signs of a market recovery on the way, a lot of new development was being conceived and now it's starting to bear fruit."

Now don't be surprised if more New Yorkers would be trying their luck in the affordable housing lottery in the days to come.

As was recently reported here at Latino Post, close to 90,000 applications were submitted for the cheaper rental units of Extell's One Riverside Park residential building. This 33-storey tower at the Upper West Side features a wing where 55 budget-apartments will be made available as part of the city government's campaign to provide affordable housing to its people.

According to 6sqft, the real estate blog of CityRealty, sales from new development condos in Manhattan will amount to a total of $29.7 to $32.1 billion over the next five years. And what's interesting to note is that a third of this projected amount will only come from the sales of five luxury towers.

The sale from 432 Park Avenue ($3.1 billion), 220 Central Park South ($3 billion), 550 Madison Avenue ($1.9 billion), the Greenwich Lane ($1.4 to $1.7 billion) and 10 Madison Square West ($837 million to $1.4 billion) will amount to $10 billion.

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