NEW YORK (Reuters) – New York’s luxury apartment market is the best value ever, according to a study of more than 1,000 units sold in the city.
The study, released on Tuesday by the real estate website Realtor.com, found that units sold for $2,827,000 in the latest quarter.
That’s the highest value ever recorded in New York for an apartment, even as the city’s apartment vacancy rate, or vacancy rate per 1,500 people, is about 1.7 percent.
The average apartment price in Manhattan last year was $2.8 million.
That was more than twice as much as the median for all of 2016, according in a Reuters analysis of city data.
“The value of luxury apartments is at a level we haven’t seen in years,” said David Katz, who co-authored the report with his partner John Stott.
“It’s really high.”
The survey, conducted by Realtors.com in the fall, compared the market with prices in other major U.S. cities and with comparable prices in the U.K. and Germany.
It found that the average price for a two-bedroom unit in Manhattan was $1.4 million in the third quarter, while a one-bedroom in the area was $3.7 million.
The average price in London was $4.2 million, while in Berlin the average was $5.3 million.
“It’s pretty amazing,” Katz said.
“People have gone back and forth on how much they value these apartments.”
It’s not only luxury apartments that are the highest priced in the world.
Luxury cars are the third-most expensive and luxury homes the fifth-most.
In the past two years, luxury cars have surpassed luxury homes in the market for the first time.
The survey also found that more than 60 percent of people in New Mexico said they would pay more for a luxury home, the highest percentage in the country.
The survey did not examine whether people were more likely to pay more if they lived in a neighborhood where the average income was higher than the average in the metro area.
“People have a different mentality than people in the rest of the country,” Katz added.
“They’re more likely than other people to have their aspirations met.”