If you’re on the hunt to buy a new place, you’ve likely groaned at recent headlines showing home prices hit record highs this past quarter. In Manhattan, the median cost of a home jumped 12 percent since last year to just under a million dollars. And even in Brooklyn, once considered the more affordable borough, prices shot up 28 percent from the same quarter last year to more than $600,000.
These numbers may deflate your hopes of owning a place in the nation’s most expensive city, but the president of New York’s largest residential real estate firm says there’s still deals to be had.
“When you look at all the deals that were done in Manhattan last year, the majority of them, the vast majority of them are under $1 million,” said Pamela Liebman of Corcoran Group Real Estate.
Liebman says the higher-end deals are fewer, but contribute to the rise in prices.
“So now it’s not just your born-and-bred New Yorkers that want to stay here, it’s people from the suburbs who want to have a pied-à-terre here. It’s foreign buyers, and of course so many Chinese buyers that now want to call new York home or somebody who has multiple homes. So we’ve just seen an influx of all different types of buyers that have helped to drive up these prices in Manhattan and Brooklyn,” she said.