Real estate brokers were not amused when The Observer reported that Manhattan’s luxury real estate bubble has been pricked by a glut of inventory. It’s up to agents to maintain the illusion that supply is low and demand high, whether or not market statistics are on their side; remember that Carrie Chiang said, "I did $450 million this year. Last year I did $382… If it’s slow, the seller will find me. What do I care?"
Despite the recent spate of mostly pessimistic market reports, those brokers are incredibly good at finding a few statistics to keep everyone calm. One top agent pointed out these numbers, from Brown Harris Stevens‘ market report’s section on Manhattan co-op sales: The average sales price for co-ops with at least four bedrooms was $10.1 million last quarter, up from just $5.9 million a year ago.
At least that’s something for very, very rich people in very, very big apartments to smile about–never mind that the number is also down from a $12.9 million peak earlier this year.