Feb 15, 2007

Moving on UP! Uptown Prices Soar!

Upper Manhattan Prices Boom from end of 2005 to end of 2006

Price information provided by the appraisal firm
Miller Samuel in the February issue of The Real Deal reports Upper Manhattan had the biggest price increases more than any other neighborhood in Manhattan between 4th Q 2005 and 4th Q 2006.

Washington Heights had the largest percent increase in average apartment price, reaching $543,100 in the fourth quarter of 2006 up from $282,333 in Q4 2005. A 92.4% gain over the last year.

Uptown Hamilton Heights and Morningside Heights increased 42.6% with average sale prices increasing from $355,157 in Q4 2005 to $506,3555 in Q4 2006.

Downtown lofts in Soho and Tribeca also saw large gainss 20.9% from $2,060,360 in 4Q 2005 to $2,491,298 in the last quarter of 2006. Lincoln Square 19.8% from $1,519894 4Q 2005 to $1,820,871 in 4Q 2004

Harlem and East Harlem had the largest rise in average price per square foot jumping 43%, from $474 to $678. followed by Soho and Tribeca increasing 27.1% from $1,048 to $1,332. followed by Soho/Tribeca at 27.1%. Soho and Tribeca had the highest average rents among Manhattan neighborhoods.

Average prices per square foot were down in several prime neighborhoods, including Greenwich Village, the Upper East Side and the Upper West Side.

The average Manhattan price rose 3.2 percent from the end of 2005 to the end of 2006
According to a report by Miller Samuel, median apartment prices in Uptown manhattan rose 349 percent from 1995 to 2004, going from $68,000 to $305,000 – twice as fast as in other parts of Manhattan.

The market outlook for 2007 is strong with record Wall Street bonuses and the continuing of new developments.


5 Responses to " Moving on UP! Uptown Prices Soar! "
  1. Toby Barnett said...
    February 15, 2007

    NYC is a lot more expensive to live in than Seattle...what is the square footage associated with some of those prices?

  2. Jonathan Greene said...
    February 15, 2007

    I'm visiting from Active Rain. Tag, you're it.

  3. Cleveland Carole Cohen 3C said...
    February 19, 2007

    The average Manhattan price increase of 3.2 percent sounds very stable - considering the market trends in a few other areas of the Country where prices declined a bit, those figures should make anyone thinking of buying an apartment in Manhattan feel good about buying.

  4. Mitchell Hall said...
    February 25, 2007

    Toby, In 4Q 2006 in Washington Heights the average price per sq ft for coops and condos was $454. In Harlem and East Harlem it was $678. Below 96th street it varies neighborhood to neighborhood but most neighborhoods are around $1000. per sq foot. New developments are getting even more.

    Carole, The market is pretty stable our local economy is very strong and buyers are out in the bitter cold buying.

  5. Shree mahavir Estcon (p) Ltd said...
    October 03, 2009

    Thanks for the useful info. I love to read your topic and it is very interesting.

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