A few years ago I agreed to provide aggregate luxury housing market data I was compiling to Bloomberg News for an index they were building. Time passed, the person who contacted me left and I forgot about it. There has been significant interest in the coverage of the luxury housing market in Manhattan in the past few weeks and it reminded me to check out that index. Apparently, it’s live, kept current and running on the Bloomberg terminals (that I can’t afford but would love to have).
We’ve got two namesake indexes!
Miller Samuel Manhattan Luxury Housing Price Per Square Foot [MLH SQFT]

Miller Samuel Manhattan Luxury Housing Median Sales Price [MLH MED]
The luxury market has showed renewed vigor since the beginning of 2010 after being largely dormant in 2009. Our 1Q 2010 report series showed a jump in activity in the high end market across the New York City metro area no matter the price point of the local market. A shift in sales mix towards larger sized property sales was a heavy dose of deja vu. It’s quite a curious phenomenon given the problems with jumbo financing, the stronger dollar, pending financial reform and high unemployment. However it is clearly happening – but will it be sustained?
Here’s a sampling of the recent luxury market coverage:
Co-op Sales Spark Market Worry [WSJ] …the deal, a dramatic example of how badly some segments of the luxury co-op market have been hit by the downtown, is raising a tizzy among brokers. It raises doubts about the rosy picture portrayed by brokers who have insisted that sales activity is picking up—so much so that some recent co-op deals have been signed above the asking price… Conclusion: High end co-op market may be faltering.
Some Condos Avoid Shoals [WSJ] In the upper stratosphere of the Manhattan real-estate market there are a few buildings that seem impervious to the downward drag of the economy. Fifteen Central Park West is one of these, if a recent deal involving a three-bedroom apartment there is any guide…. Conclusion: 15 CPW is outperforming the rest of the high end market.
Manhattan’s $10 Million Apartment Market Offers No Bargain Buys [Bloomberg] It took Stephane Melloul three days to learn he’d need about $50 million for the New York home of his dreams: four bedrooms, a terrace and Central Park views… Conclusion: The high end market is stronger than you think.
Large Apartments Are the Rage in New York City [New York Times] …Sales of three- and four-bedroom apartments swelled last year, even as sales of smaller places declined, and the trend has since persisted. The increased sales are another sign that New York City has become a more appealing place for families… Conclusion: Large apartments are doing better in the market than last year.
Sale of two cities [New York Post] …Despite the hefty price tag — which doesn’t include $35,445 a month in maintenance fees — an international set of moguls is flocking to see the new space. “There are a lot of billionaires around,” said Woodbrey, who shows the apartment about five times a week to moneybags from as far away as Texas and India. “For some of them, it’s their 10th home.” Conclusion: Buyers are plentiful for high end property.
Million-Dollar Bargain Homes [Forbes] …In hard-hit luxury markets, huge discounts are making mega-mansions more accessible. Conclusion: The discounts in the hard hit luxury market are attracting buyers now.