Last year, astronomical list prices hit the markets in NYC and Miami. Headlines flashed, insiders gasped, broker salivated. The market ran awash with a “price it and they will come” mentality. But did they? In Manhattan, there has been just one sale above $80 million — the $88 million sale of a penthouse at 15 Central Park West — that has actually been recorded as a sale so far. “The only properties that are getting these numbers are new development projects, and those can’t be confirmed until the year after when they close,” said Jonathan J. Miller, the president of Miller Samuel, a property appraiser. “So in many ways this is a phenomenon that is hard to document or prove. However, it has launched the next wave of development.”

Link to article by Alexei Barrionuevo, NYT, May 23, 2013

15 CPW