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Three Cents Worth: A Nice Luxury Spread

[This week, our market analyst Jonathan Miller shows how it pays to be rich. Click on the image to expand.]

Since the luxury market has been getting a lot of attention as of late (high demand and low inventory), I placed the average price per square foot for both the luxury market and the overall co-op and condo market together to show the spread. The luxury market is based on the upper ten percent of all co-op and condo sales and the overall market includes all co-op and condo sales in each quarter.

Since 2002, the gap between the luxury market and the overall gradually expanded, albeit unevenly. The expanding spread is not a surprise, really, as Wall Street has seen four consecutive annual increases in bonus compensation.
· Manhattan Co-Op/Condo Luxury and Overall PPSF [Miller Samuel]