 One particular area of the United States largely unhindered by the housing slump has consistently been NYC. In 2007, Manhattan's insurmountable real estate market set record numbers as the fourth quarter reeled in a 17.6 percent increase in average apartment prices, according to MSNBC.com.
Prudential Douglas Elliman, New York's largest real estate services company, said the average apartment price during 2007's fourth quarter jumped to a record $1,439,909. Similarly, Brown Harris Stevens, a leader in the New York City real-estate market, saw their average apartment prices soar 34 percent to $1,430,514, setting a new record. According to both sources, median home prices have also increased, though not as remarkably. "When the average price outpaces gains in median price, that typically indicates higher sales activity at the top end of the market," said Jim Gricar, Brown Harris Stevens Executive Vice President. Further driving the city's sizzling market and attracting international buyers is the current state of the economy, particularly the weak dollar. Many foreign investors are capitalizing on the dollar's exchange rate and buying up high-end real estate in Manhattan. As a result, the sales of $10+ million apartments have more tripled in the last quarter. Article Source: http://www.msnbc.msn.com/id/22477596/
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