Industry News

Real estate prices soar in New York, Florida

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The Corcoran Group, a leader in New York, Palm Beach and Hamptons' real estate, reported tremendous growth in home-sale prices for the first six months of 2004. According to The Corcoran Report, average sale prices for condominiums and co-ops in Manhattan were up 38 percent for condominiums and 19 percent for co-ops. In the first half of 2004, buyers paid an average $1.23 million for condominiums and close to $900,000 for co-ops. Helping move prices upward were multiple new condominium projects on the east side, which saw a 60 percent increase in the average sale price for condominiums to $1.4 million. High demand for apartments with three or more bedrooms sparked a buying frenzy the first two quarters of 2004. Three-plus bedroom condominiums sold for close to $3 million on average, a 32 percent hike from the first half of 2003. Three-plus bedroom co-ops sold for an average $2.5 million, an 8 percent increase over the same period last year. "This has been a monumental time in th...