Manhattan Real Estate Market Conditions and Trends Illuminated in The Aggregate

With the beginning of a new year comes The Aggregate, Town Residential‘s quarterly residential market report. One of New York’s most prominent luxury real estate firms, Town Residential reports a continuing rise in price action for the fourth quarter of 2015. The average sales prices in Manhattan rose to $1,976,660, a 5.2% gain. There was also a 16% growth in the median sales price to the sum of $1,150,000.

Trends in price per square foot have continued to rise, reaching $1,365 by year’s end, an increase of 6.2%. The most compelling year-over-year gains came from the median sales price of condos in Manhattan, with an almost 20% increase for the fourth quarter, coming in at $1,736,250. There was also a significant increase in median price per square foot trends, up 7.6% from the third quarter of 2015, and a staggering 11% from the year ago period.

There was an increase of 4.6% in the average Manhattan co-op price, up to $1,272,902 from $1,217,017 in 2015’s third quarter. The average price for a Manhattan co-op rose 6.4% on a year-over-year basis. Average price per square foot saw a 6.3% rise from the year ago period, coming in at $1,087.

There were increasing price trends in nearly all segments of the properties by size category during the fourth quarter. The median price of a one bedroom condo was $1,080,000, while a two bedroom condo was $2,056,865, and a three-plus bedroom condo was $4,421,300. On a particular note, there was a 15% increase in the median price of a 3+ bedroom cooperative over the last quarter, eclipsing the $3,000,000 mark.

The Aggregate is a report of residential sale transactions from October through December. It offers insight into current market conditions and trends with comparisons of the transaction values with quarter-over and year-over values.

North Korean Defector Yeonmi Park

Yeonmi Park had to leave North Korea to even understand the meaning of the word freedom. She didn’t understand the word or the concept of freedom. Like most refugees, she was astounded at the sights and sounds of freedom, which to her was most evident in the plentiful food. There was so much food in fact, that the waste involved could feed villages. Park is author of In Order To Live: A North Korean Girl’s Journey to Freedom. She was 13 years old on March 31, 2007 when she crossed the frozen Yalu River into China with her mother. The two crossed China, traveled through the Gobi Desert, to the Mongolian Border, where after a journey lasting years, they flew to South Korea. Detractors are quick with lists of sins and omissions and accusations of them being agents of the United States. Discrepencies and inaccuracies abound, according to Reason.com. There are tens of thousands of North Korean refugees throughout the world. There is concern that the human rights abuses and political persecution these refugees have suffered will be diminished by Yeonmi’s story if it can be disproven. Now 22 years old, the delicate pretty Yeonmi of casey and yeonmi show,stands by the veracity of her story on the Reason saying only that she still has relatives in North Korea, that she was raped during this period of time, and that difficulties with translation were a part of the problem. Both she and her mother were victims of sexual trafficking for two years before they escaped China. They also faced famine on a constant basis all the time they were in North Korea.