The eight-figure apartment
from David Ruccio
As the New York Times explains,
not every neighborhood in Manhattan has a million-dollar entry fee. The median price — what 50 percent of people paid less than — was just $910,000 over the last 12 months, and there are still places where the average residence sells for less than half a million. There are also some areas where prices declined.
But the “lower” end of the Manhattan market is shrinking. The proportion of the market that sells for less than $500,000 (again, after adjusting 2009 prices for inflation) dropped about 3 percent during the recovery.
Still, the sales of eight and nine-figure apartments are”yet another indicator that the richest of the rich have had the best recession recovery.
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