The average price for a luxury property in Manhattan fell to $ 3.59 million for a housing unit in October - 2.2% lower than in the same period in 2014 (data StreetEasy) - Materials AMarkets.
In fact, during 2015, prices fell every month from February - the month, when it reached an absolute record price. Then the real estate unit of the top 20% of the price sold in an average of $ 3.72 million. It is interesting that the price of the most expensive housing in the segment move past 8 months in the opposite direction to the mass housing market in the same region. In New York, there is approximately the same situation. In recent years there have been built many premium property in the hope of demand from wealthy Americans and foreigners. However, the latter are not in a hurry and not in a hurry to buy. The demand for affordable housing, by contrast, is reduced. And developers unprofitable to build low-cost housing in expensive cities because land prices are still high, and margins such projects are not satisfied with the developers.