Manhattan Dethrones SF as Most Expensive City to Buy Real Estate
San Francisco has lost its top position on the national housing price list to none other than The Big Apple (aka Manhattan). Who was surprised by the news?
Manhattan: Priciest City in U.S.
A data analytics firm called NeighborhoodX recently released a real estate report naming New York’s most densely populated borough, Manhattan, as the priciest city in the U.S. – almost twice as expensive as San Francisco.
NeighborhoodX used data from Miller Samuel Inc., a family-owned consulting firm, to find that the homes and apartments in Manhattan cost an astounding $1,773 per square foot on average. On the other hand the average square foot price in San Francisco was $902, as of August 7.
Average home prices in New York’s most expensive borough shot up after a number of expensive properties were listed on the market in August 2018. Manhattan currently boasts the status of having the most expensive property listing at $10,054 per square foot, according to the NeighborhoodX’s study. The aforementioned home is a unit in the 96-story 432 Park Ave., an impressively tal residential building close to the Central Park with a $40.5 million price tag.
The city has some of the most luxurious homes and apartments costing significantly more that the most expensive properties in any other city in the United States. In comparison to Manhattan’s average $1,773 per square foot, Denver only has an average rate of $278, Austin $207 and New Orleans $189.
SF No Longer Number One
Listings site Zillow released a real estate report in the month of July, naming San Francisco the most expensive city to live in the Unites States. Just two months ago average home prices in this Golden Gate City fell over $1.37 million, whereas New York took the seventh spot on the list of most expensive real estate cities in U.S. with median home value of $672,200.
But now, NeighborhoodX’s new report has found that San Francisco has nothing on New York’s City of Dreams. After Manhattan’s most valuable property per square footage, San Francisco takes the number 2 spot for having the second-most expensive property in the country valued at $4,401 per square foot.
Square foot average in the expensive city of New York is surprisingly higher than some of the most luxurious homes in Los Angeles, which square foot average is just $445, according to the study. Los Angeles’ Doheny Road, highly sought-after location in West Hollywood, is currently home to the Sierra Towers where a 7000-square-foot penthouse spanning over an entire building floor is listed for $48,888,888 – roughly amounting to $7,000 per square foot. This is quite a steep price tag, but nothing in comparison to Manhattan’s $10,000 per square foot.
The most expensive property in Miami is a marvelous penthouse on Collins Ave. listed for $13,999,000 on the market, making its square foot value a steep $4,729. Conversely, the average square foot price in the city is just $504.
Cheaper Properties in Manhattan
After Manhattan, Massachusetts takes the second spot on NeighborhoodX’s list of most expensive cities to buy a home in U.S. The firm found that Hudson Yards, a newly redeveloped private neighborhood, is currently the most expensive part of New York where home values average at $3,509 per square foot. Boston’s popular Seaport took the runner-up spot at $2,247.
Constantine Valhouli, the real estate expert and co-founder of NeighborhoodX, told Forbes that not all properties in New York as expensive as they seem. The average figure doesn’t take into account the lower end of the price range. For example, the cheapest property in Manhattan costs a mere $447 per square foot whereas in San Francisco it is slightly lower at $331.
The prices can also vary significantly by neighborhoods. According to Valhouli’s research the average price per square foot in the neighborhood of Chelsea in downtown Manhattan is $2,019, but it is possible to find something as cheap as $1,000 in the same area if you look really hard.
Overall, the cost of living in New York is significantly higher than in other cities, and according to Valhouli, people have to be crazy to living there. In $1,773, you can get an average two-bedroom apartment in the Upper East side of New York, or you could get the most breathtakingly beautiful property in New Orleans with the same money.
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