NYC’s ‘Super-Prime’ bonanza

Super-prime properties in Manhattan are achieving record sale prices, with real estate agents experiencing remarkable sales velocity and desirable apartment blocks achieving record level prices…

Liam Bailey, Head of Residential Research, Knight Frank, comments: “The fact that London has enjoyed a boom in top end property in recent years has been well reported. Since September the prime market and the mainstream market have slowed, activity and price growth will slow further into 2008, but at the top end of the market there has been no such slowdown.

“The dislocation of London’s top end market has been reflected in the only other true global super-prime markets: Manhattan and Monaco. Whereas prices in the US fell 4.5% over the past year, and fell 4.2% in New York generally, prices for prime Manhattan properties rose 17.1% in the year to December. In Monaco the same pattern has been seen, with prices overall rising by 15.2% in the year to December, whereas properties priced over 10 million euros rose by 27.3%”.