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Manhattan: A World Unto Itself

BusinessWeek’s headquarters are in this quaint little structure in midtown Manhattan. But just because I work here doesn’t mean I understand the stupefyingly strong local housing market. Manhattan seems to have looked at the national housing slump and said, “Nope. Not here. Not now.”

Here’s a link to a report on the co-op and condo market in the second quarter of 2007. Highlights of the changes from the same period a year earlier:

—The inventory of units for sale fell 31.5%.

—The number of sales rose 103%.

—The median sales price rose 1.7% to $895,000.

—The average price per square foot rose 5.2% to $1,139.

—The average sales price of a four-bedroom apartment rose 36% to $9.2 million.

(If you have a big family and you’re thinking of moving into Manhattan, start picking out which kids you plan to put up for adoption.)

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