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Luxe Developments Blur Neighborhood Boundaries

…“You have neighborhoods without boundaries,” real estate expert Jonathan Miller said, calling the blurring of lines “neighborhood creep.”…

…Yet much of Manhattan’s new residential construction targets the luxury market — which is homes priced at $3 million and above, Miller said.

The average sales price of active new development listings Downtown and on the east and west sides was $9.3 million and the median sales price was $4.9 million, Miller wrote in a recent post for the real estate blog Curbed….

…By focusing on this segment, however, new projects leave out 90 percent of Manhattan’s housing market, which means that these developments will not provide an adequate supply to put a dent in the tight inventory, Miller said….

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