Manhattan has been found to have the most expensive property per square foot in the US.
Despite Silicon Valley and San Francisco often being quoted as the hottest US property markets, New York City’s central borough has been found to be more than twice as expensive per square foot for property.
According to research by real estate and data analytics firm NeighborhoodX, the average cost of real estate in Manhattan is $1,773 per square foot, with some properties costing over $10,000 per square foot.
This compares to San Francisco, which averages $902 per square foot, followed by Boston at an average of $586 per square foot, Washington D.C. at $515 and Miami Beach at $504.
The most expensive property in Manhattan is $10,054 per square foot, with just a handful of upmarket units commanding that huge figure.
While Manhattan has the most expensive property per square foot, it also has a wide range in prices: In the more northern parts of Manhattan, real estate prices drop significantly. In the Inwood neighbourhood for example, prices average a much more reasonable $447 per square foot.
Whilst on a much higher scale, this range is similar in percentage terms to other cities such as Portland, Oregon, where prices can range from $98 per square foot at the lower end of the scale, to $1,053 at the top end.
For the report, NeighborhoodX used data from asking prices of market-rate properties currently listed for sale, but does not include outliers such as foreclosures, short-sales and income and age restricted housing.
With a wide range of property prices in Manhattan, overseas property investors may want to look for the next Manhattan ‘hotspot’ in one of the lower priced areas to obtain maximum capital growth on their investment.
Location, location, location, in New York, New York.