YOU’LL TAKE MANHATTAN? NOPE – MANHATTAN WILL TAKE YOU, WITH SOME HIGH-END CONDOS

On MANHATTAN, the golden isle, epicenter of all North American cities, there’s a surplus of luxury condos that could take more than six years to sell. In 2011, the average price of a new one was $1.15-million. By 2019, the average went up to $3.77-million, and with that, sales dropped. Monthly rentals in NYC now range from $1,140 to $2,229, which is very close to the TORONTO numbers – US dollars versus CAD’S of course. Top price for a 24,000-square-foot pied-a-terre near Central Park went for all of $240-million. Nearly half of new condos in Manhattan that came to market after 2015 – 3,695 units out of 7,727 – remain unsold, according to Nancy Packes Data Services. As well, about 79,000 people live in shelters, or on the streets of New York. <photo – S.L. Green, NYC>  In TORONTO the number of homeless people is estimated to be 19,000. In the two cities, skylines have changed dramatically but – in both cases – many of these new buildings just aren’t filling up. <photo – Trust Condos, Toronto>

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