Manhattan apartment prices hit record high
Real estate brief
By Inman News, Wednesday, March 4, 2009.The median and average sales price for Manhattan apartments set a new record in 2008, climbing 11 percent to $955,000, while the number of sales slipped 23.3 percent from its record level in 2007.
The annual Manhattan Market Report, prepared by real estate appraisal and research firm Miller Samuel Inc. on behalf of Prudential Douglas Elliman Real Estate and released this week, also reveals that for-sale inventory at the close of 2008 grew 40.9 percent compared to end-of-year 2007.
In 2008, the average sales price for Manhattan co-ops and condos rose 17.8 percent, to $1.59 million. Average days on market rose 14.4 percent, to 143 days, and the average discount on sales from the list price was 4.1 percent -- larger than the 2.4 percent in the prior year.
Ranging from an average $993 per square foot for studios to $2,831 per square foot for apartments with four or more bedrooms, the overall average price per square foot of Manhattan apartments jumped 11.7 percent in 2008, to $1,251.
There were more sales of two-bedroom apartments (4,139) than all other types of apartments in 2008, the report states. And all apartment types experienced a sales decline last year except four-plus-bedroom apartments, with a rise from 169 sales in 2007 to 193 sales in 2008.
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Submitted by Larry Whited Sr. on March 4, 2009 - 2:53pm.
I am curious to see what the numbers look like for Manhattan at the end of 2009.
After hearing how great it was in NYC for the last 3 years while most of the country had a melt down it looks like the downturn will finally catch up to our financial capital.
I do not wish this on them. It just seems logical that without the big bonus checks on Wall Street this spring it will cause a reduction in demand and price.
Larry A. Whited, Sr., CRB, CRS, GRI
President & Founder
www.maxUnet.com & www.WebMLS.net
P.O. Box 757
West Chester Ohio 45071
Direct - (513) 543-2727 Fax - (513) 297-7497
Submitted by Richard Stabile Bergen County Real Estate on March 8, 2009 - 6:58am.
Talking to Manhattan brokers and looking a current numbers seem to reflect the high was in by the 2nd or beginning of the 3rd quarter 2008. Brooklyn and Queens are already off considerably as is Hudson County in New Jersey.
The lack of Jumbo loans in the fourth quarter had to have an effect on forward sales. Fortunately now Jumbo's at reasonable spreads seem to be back again. Hopefully as the government put in the agency money to Fannie and Freddie, it will loosen the funds in other areas for Jumbo's and close the spread with treasuries.
I feel that the steam was taken out and Manhattan will have more correcting to do.
Richard
http://newhomesbyrichard.com
Submitted by mike seagol on June 13, 2009 - 12:28pm.
What else is new in manhattan with prices of any real estate always going up. Just about any real estate coaching classes you go to and they'll mention Manhattan in their bootcamps.