Manhattan's Luxury Condo Market Surges over Summer Reports Ciel-Property.com

Asheville, NC -- (SBWIRE) -- 09/27/2012 -- Sales of luxury condos in Manhattan are up this summer, and one observer says it’s because of foreign buyers. Sales this summer of high-end condos surged 42%, and 129 units sold in Manhattan with an average price of $7.5 million. This according to brokerage firm Olshan Realty. During the same period last year, only 91 units sold, although the average price was higher -- $8 million.

Foreign buyers discouraged by the European economy and tempted by the United States’ low interest rates are finding an attractive investment in New York. “It might not have double-digit returns, but they are extremely stable,” Andrew Moraccas, CEO of the MNS real estate firm, told AM New York.

Sellers of higher-end luxury properties also are encouraged. The asking price for an 11,000-square-foot condo at The Heritage at Trump Place is $75 million. That works out to about $5,150 a square foot, including a jellyfish tank, a kitchen with a sushi prep area, and a fitness room. That price, Ivanka Trump told the Post, compares with other top-of-the-line units in the city.

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Ciel-Property.com (http://ciel-property.com) is an online resource for news and information about luxury getaway homes in the Blue Ridge Mountains of North Carolina. The Asheville-based company specializes in custom-built Asheville luxury homes. Learn more about Ciel’s luxury mountain homes at ciel-property.com.