NEW YORK, Oct. 15 (UPI) -- Despite a still-sagging economy in New York City, the price of buying an apartment in the Big Apple has reached more than $900,000.
"It's broken the $900,000 threshold for the first time ever," said Jonathan Miller, the president of Miller Samuel, which prepared the report for Douglas Elliman real estate. "It's not just a post Sept. 11 (2001) high, but an all-time high."
Apartments are up 6 percent form the $864,860 of the last fiscal quarter and an 8 percent increase from $849,013 during the same reporting period a year ago, the New York Post reports.
Record low interest rates and a nearly 14 percent decline in the number of New York City apartments for sale accounts for the upsurge, Miller said.
The price of the average two-bedroom apartment went up 45 percent, to $1,073,966, from the last quarter, while a one-bedroom apartment went up 32 percent, to $471,531, during the same period, the report said.
