Expensive Manhattan home sales faltering

Total sales of Manhattan home properties are selling 15 percent more than last year's pace but sales of apartments and townhouses selling for more than $30 million aren't selling well, according to the Wall Street Journal.

Jonathan Miller, an appraiser and president of Miller Samuel, told the paper that recent sales show that the extensive amount of high-end sales in the luxury market in 2007 and 2008 was "an anomaly."

The Journal noted that last year, there were six sales for $30 million or more, including two at 15 Central Park West, and 21 such sales in 2008, including six selling for more than $45 million.

A 41st-floor penthouse at 15 Central Park West has closed for $40 million, setting a record for the highest price per square foot for an apartment in Manhattan.

According to Fannie Mae's Economics and Mortgage Market Analysis, total home sales in the U.S. are expected to rise to 4.9 percent in 2011, with 5,396 projected homes being sold. Median home prices are expected to dip 0.1 percent next year from an average of $171,900 to $169,600.

More News