Manhattan condominiums outperformed in 2015

By Wei Min Tan

​Jan 7, 2016

Global investors who have already invested in a Manhattan, New York condominium have reason to be cheerful.  In 2015, Manhattan condo apartments far outperformed major global indices.

3 Highlights Of The Manhattan, New York Property Market in Q2'2015

After a slower first quarter, one which saw prices level off, the second quarter saw a total 180◦, setting a historic, record high for the average sales price for Manhattan apartments, now at a whopping $1.87 million. While there are a number of different key themes from the past 90 days, the overarching one is, quite simply, the obvious lack of inventory on the market. Those subthemes, however, include:

• # 1:  Stalled Inventory Growth – The consistent lack of inventory, despite last quarter’s slight uptick, is what produced these record-setting, headline-making prices this past quarter. The lack of inventory and strong demand makes it a total seller’s market and as long as that demand remains, whether it’s coming from foreign or domestic buyers, those prices will continue to remain high.

2015 is Year Of The Condo

New York Times calls 2015 The Year of the Condo as twice as many new condominium units are expected to hit the market.  This gives buyers more choices and some pricing relief as competition among developers increases.