Price of luxury homes nearly doubles in 2013

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30 Park Four SeasonsJanuary 3, 2014- the highly unreliable NY Post real estate section reports bullishly, not as if it is a bubble but rather as sustainable, that, “Housing for the 1 percent is out of control. The median sale price for new luxury homes in Manhattan jumped 72 percent — to $7.85 million — in the last year, up from a mere $4.564 million in the last quarter of 2012. Real estate experts say the trend will continue because the economy has rebounded, people are more willing to take the plunge now and luxury buyers are bidding up the market. “Even though the prices have risen, they expect them to rise even more. They are very confident,” said Dottie Herman, president and CEO of Douglas Elliman. “The high-end buyers are the ones who really follow the market. They are real-estate junkies.” Also, the new homes being built are often bigger with more bedrooms. The price for the costliest “new development” homes in Manhattan is up 34 percent to $2,661 a square foot over last year, according to the latest quarterly report by the Corcoran Group.”

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