Demand for bigger condos in Manhattan is trending up, according to a recent report released by The Marketing Directors.
One- and two-bedroom apartments still represent the majority of condo inventory on the market, accounting for a total of 58 percent of active listings in Manhattan. However, that figure is a smaller share of the market than in the previous year; 70 percent of 2013 condominium closings were in the one- and two-bedroom category.
Studios are 8 percent of inventory, while three-bedrooms are 23 percent and four-bedroom and larger homes are 11 percent.
Larger homes, unsurprisingly, continue to ask the highest dollar per square feet, according to The Marketing Directors report. The average asking price for residences with four or more bedrooms is a whopping $11 million. The average asking price for three-bedrooms is about $5.5 million, while two-bedrooms ask between $2 million and $3 million on average.
Of the current 2,354 listings in the report, downtown Manhattan has the largest amount of available pads, with 912 active listings. Midtown East, Midtown West, Upper East Side and Upper West Side each range between 300 and 400 listings.