Manhattan condo prices reach record on buyer bidding wars

New York

MANHATTAN apartment prices jumped to a record in the second quarter, pushed up by competition for a limited number of properties and strength in the luxury market.

The average sale price of all co-ops and condominiums was US$1.87 million, up 11 per cent from a year earlier and the highest in 26 years of data-keeping, according to a report on Wednesday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. Resale apartments and units in new developments each set their own price records amid interest from both investors and buyers who intend to live in the homes.

"Demand is being driven by a vibrant local economy and rising employment, and supply is relatively inelastic," said Jonathan Miller, president of New York-b…