nyc BLOG estate

nyc BLOG estate

Manhattan Market Still Rising: 2Q-07 Update

This week Manhattan brokers released their 2Q-07 market reports. While the numbers are always a little different from each report the consensus seems to be condo prices rose while coops prices declined slightly and overall apartment average prices are up and inventory is down.

According to a report by Miller Samuel, a leading appraisal company the average sales price of Manhattan condos and co-ops dropped from $1.39 million in second-quarter 2006 to $1.33 million in second-quarter 2007, and the median sales price rose from $880,000 in second-quarter 2006 to $895,000 in second-quarter 2007.

The average price per square foot was $1,139 in the second quarter, up 5 percent compared to second-quarter 2006, and the for-sale inventory declined 31.5 percent, to 5,237 units.

Price per square foot increased 10.7 percent among uptown for-sale units, to $630; 7.2 percent for downtown units, to $1,099; 4.3 percent for west side units, to $1,153; and declined 4 percent for east side units, to $1,134.

Condos and co-ops spent an average 117 days on market in the second quarter, down 18.6 percent compared with 144 days in second-quarter 2006.

While the median sales price of Manhattan condos climbed 5.1 percent and the average price rose 0.3 percent in the second quarter compared to the same quarter last year, the median sales price of co-ops dropped 3.7 percent and the average price dropped 11.2 percent.

Miller Samuel reported 1,595 co-op sales and 2,344 condo sales in the second quarter.

Brown Harris Stevens and Halstead Property, in their report by economist Gregory J. Heym, announced a 7 percent rise in the average price and an 11 percent rise in the median price of Manhattan co-ops and condos in the second quarter compared to the same quarter last year.

The average sale price, according to this report, rose across the board for every size co-op and condo in the second quarter compared to the prior year's quarter, and was up 18.3 percent for units with four or more bedrooms, 11.4 percent for studios, 10 percent for one-bedroom units, 5.1 percent for two-bedroom units and .06 percent for three-bedroom units.

The average price per square foot for Manhattan condos and co-ops increased from $999 in second-quarter 2006 to $1,122 in second-quarter 2007, a rise of 12.3 percent.

The market is strong in Manhattan I see it everyday. However these numbers should always be taken with a grain of salt. No body lives in an average or median apartment. There are always variables and not every apartment goes up or down in sync.

Many people want to live in Manhattan. From all demographics and all over the world. For many buyers condos have always been worth more simply because they are easy to buy and many buyers might not be eligible for a coop and there are less condos than coops in Manhattan.

Coops are still a fact of life for most Manhattanites but the "exclusivity", "character and charm" along with difficult boards are becoming less desirable as opposed to new luxury condos with many amenities and flexibility for the new breed of buyers in Manhattan.

For more information: Miller Samuel, New York Times

No comments

All related comments are welcome. Spam will be deleted.

Powered by Blogger.