| While the rest of the country is suffering under the | | | | year. However, two of the most prestigious |
| plummeting prices of the real estate market, it | | | | addresses in the area, 15 Central Park West and The |
| seems that Manhattanites have a good reason to | | | | Plaza, did not see the increase. |
| feel protected. Although sales are down in this | | | | Overall, sales figures are down in the area. Sales |
| popular and prestigious area of New York, the strong | | | | were down 38% from the same time last year and |
| demand for luxury living in the area has maintained | | | | overall, sales number had decreased 21.8% on a year |
| the prices. The average Manhattan apartment now | | | | to year average. Nevertheless, real estate experts |
| costs a remarkable $1.67 million. However, real estate | | | | are experiencing the higher priced property sales to |
| market experts are claiming that these numbers | | | | help balance out the slower sales. There are elevated |
| indicate a softer real estate market here. | | | | levels of activity reported in this real estate market |
| The volume of sales in Manhattan continues to be | | | | overall. The luxury market is virtually unscathed by |
| the same as what it was in previous years. However, | | | | the woes of the middle range real estate market, |
| the average home price is rising, making it a surprising | | | | which has slowed down by the greatest margins. |
| turn of events when compared to the rest of the | | | | However, the negative predictions continue. There |
| real estate markets in the country. Regardless, | | | | are layoffs predicted for Wall Street, which would |
| experts are saying that the constant barrage of | | | | play a large role in the luxury real estate market. |
| negative press concerning the real estate market is | | | | There are current homeowners whose future |
| bound to take its toll, even in places like Manhattan, | | | | unemployment could create a need to sell their home |
| where the home sales are predicted to slow. | | | | fast. On the other hand, industry experts point out |
| Other industry experts disagree, however. The | | | | that if you are looking for a $20 million home, you |
| ordinary has never been enough for the homeowners | | | | are not terrifically concerned with your mortgage |
| in Manhattan and the booming luxury real estate | | | | payments, nor are you as apt to get into poor |
| market, a protected enclave from the rest of the | | | | mortgage situations with variable interest rates. |
| troubling economy, is protecting Manhattan real | | | | There is a flood of luxury condominium buildings in |
| estate. In other words, the world of Us versus Them | | | | the Manhattan market that underscores the trend of |
| has never been more prominent in New York where | | | | positive buying in the luxury community. With full |
| realtors are noticing the luxury market and the rest | | | | concierge services, swimming pools, spas and more, |
| of the market are taking divergent paths. | | | | these condos are being quickly purchased no matter |
| Unlike the rest of the markets in the country, like Las | | | | what is going on with the rest of the country and its |
| Vegas Nevada, Palm Beach Florida, Boise Idaho, and | | | | real estate market woes. As any Manhattanite will tell |
| Arizona, the average price of a Manhattan apartment | | | | you, things are just different in New York City. |
| rose anywhere between 25% to 36% over the last | | | | |