The influx of super luxury new developments changed the Manhattan real estate game in 2014, pushing prices to record highs. According to the Elliman report, the average sale price for last year reached $1,718,531, surpassing the pre-recession record set in 2008. Looking at just the fourth quarter, prices are also up. Appraiser and Elliman report preparer Jonathan Miller found that the median price to be $980,000, up nearly 15 percent compared to last year, making it the second highest median price in the last 25 years. The average sales price jumped 13 percent to $1,740,158. “Prices are up for two key reasons,” says Miller. “New development contracts from the past few years are beginning to close, and new development is skewed towards high end. Plus, inventory is up 20 percent from last year’s 15-year record low but most of that increase is from new development.”
