Manhattan real estate prices continue to fall. According to the report issued by Douglas Elliman, the average sales price for Manhattan real estate property fell by 7.5%. New York, Skyline, Manhattan, Hudson

According to the CNBC report, the average sales price in Manhattan fell to $1.8 million. The median sales price for a property selling in Manhattan fell below $1 million.

As opposed to many of the counties in New Jersey, many of the sales of apartments priced at 5 million or more fell 38% in Q4. This left behind a two-year supply of luxury apartments on the market.

According to the report, there is an 8-month supply of unsold apartments. In many New Jersey counties, supply of unsold properties is down to just 4 months.

One of the big hurdles that New York property buyers face is the new mansion tax, which targets multimillion-dollar apartments in the city. The new taxes impose an increase a 1% fee on sales of $1 million or more. This applies to not just apartments and townhouses but also homes. There is an additional 1.25% tacked on for transactions above $2 million and 3.9% for sales that exceed $25 million, adding to the high cost of living in Manhattan.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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