Manhattan, highly efficient real estate market

Manhattan is likely the most efficient real estate market in the world.  By efficient, I am referring to being properly priced and price being in-line with fundamentals.  This includes transacting at the right price, sellers asking at around the right price and buyers offering at around the right price.

Manhattan - the most efficient real estate market

Manhattan, New York is the most efficient and transparent real estate market in the world.  Reasons are:

1.  Closed transactions are public record
In Manhattan, data is openly available on all units that closed within each building.  For example, if recent transactions all closed at around $1500 per square foot, there is a good certainty that the next transaction will close around that.  Not $2000 and not $1000 per square foot unless there is some extraordinary variable such as being a penthouse unit or a unit needing heavy renovation.