In December 2015, condos in Manhattan got more expensive than ever. According to DNA Info, a year-end report released by CityRealty confirmed that the median price of a condo in Manhattan has passed the $1 million mark. To be more specific, the highest condo median sales price was $1.1 million and hat is 13 percent more than the recorded median condo price last year at $970,000. Gabby Warshawer, director of research for CityRealty said, "It's a benchmark. It feels like a point of no return. It seems like this is the new normal for Manhattan."
"So what is next for Manhattan?" That is the question analysts would love to answer. In another report, it was mentioned that on the 4th quarter of 2015 the average condo price in Manhattan has smashed a whopping $1,948,221 record. According to American Enterprise Institute, Manhattan saw a nearly 20 years of continuing price growth. Experts continue to beat themselves trying to guess if the price growth would spill over to a couple more years or will it eventually spiral down. The same questions are raised by analysts in other prime cities like San Francisco, Boston, or Los Angeles.
As seen throughout the real estate history of Manhattan, prices are unpredictable and that is a fact. Manhattan prices also had their share of highs and lows. And the low prices occurred during the great Depression following its peak in 1929. This also goes to say that a property bought in the 1950 would have earned nearly nothing. Furthermore, Manhattan's land prices reportedly fell too when the nation-wide property bubble burst in 2007, It was only in 2014 that New York, particularly Manhattan, come back in the game and land prices had stretched to record-breaking mark.
Many factor lean towards the belief that Manhattan will never stop seeing property prices soar through the roof.
