Real estate sales volume in Manhattan rose 13% in the second quarter, according to a report from Douglas Elliman and Miller Samuel. The median sales price for an apartment in Manhattan hit a record of $1.2 million while the average sales price remained flat at $2.1 million.
Many brokers and developers are cheering for what they say could mark a turnaround for Manhattan real estate, which had seen six straight quarters of declines. But real estate experts say the real reason for the bump in sales is more troubling: taxes.
Learn more on how Manhattan Real Estate sales rose up significantly by clicking here.
This article is courtesy of CNBC News.
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