Luxury housing market going strong

Rising prices for luxury apartment sales and rentals indicate that
Manhattan’s housing market is poised to finish the year strong, with
few signs of a slowdown. Luxury condo and co-op sales prices averaged
$5.085 million at the third quarter’s end, up 9.5 percent from the
first quarter. The average per-square-foot price was up 15 percent to a
record $2,009 in the same period, according to Radar Logic. The rental
vacancy rate could be below 3 percent at year’s end, making Manhattan
the country’s tightest rental market.