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Manhattan's High End Market Booming, the Rest Not So Much

In a report by the Wall Street Journal, it looks like sales in Manhattan are down 11% from this time last year with prices pretty much hovering at the same levels. The exception here is in the higher end of the market, where more flush buyers are using the faltering market as an open window to scoop up nicer units. In fact, sales for apartments costing over $5M are up a whopping 38% from this time last year. Corcoran CEO Pam Liebman cites a two-day stratch last week where four properties— including "a triplex loft on Prince Street that went for $25 million, and a three-bedroom apartment at 15 Central Park West that sold for $24.5 million— sold for over $10 million. Dottie Herman adds "people who have a lot of money see this as an opportunity." The average price of an apartment in Manhattan is $1.39M, but it looks like only the high end is really picking up the market's slack right now. While it's nice that pricier units are moving, pretty underwhelming news for the market as a whole.
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