NEWS
From: Real Estate Board of New York (REBNY)
Contact: Cara Marino
The Marino Organization
(212) 889-0808 x 25
MANHATTAN CONDOS CONTINUE
PRICE SURGE IN THIRD QUARTER, WHILE COOP PRICES DIP SLIGHTLY
Condo median prices up 22%
Northern Manhattan median prices
surging with coops up 54%
and condos up 50%
New York, NY –
Nov. 2, 2005 – Median
prices for Manhattan condominiums jumped up 22% to $814,000 in the third
quarter of 2005 compared to a year ago, according to sales reports released
today by the Real Estate Board of New York (REBNY). There was mixed results for cooperatives as median prices per
room for cooperatives set a record for studio/one-bedrooms jumping 24% to
$173,000 per room, while overall median prices for cooperatives dipped 2% to
$650,000.
The reports, the
most comprehensive available for the Manhattan market, also showed that
Northern Manhattan cooperatives had another record-breaking quarter with median
price surges of 54% for cooperatives to $470,000, and 50% for condominiums to
$349,000.
“When comparing
apartment prices for both coops and condos to last year’s prices, median sales
prices are up 9% and averages are up 11.6%. Clearly, condominiums led the
quarter in terms of price gains. However, the dip in cooperatives can be
slightly misleading as it is likely the result of a softening luxury market not
necessarily the market overall; smaller apartments like studios and
one-bedrooms still showed gains of 20%,” said Steven Spinola, REBNY
President.
“With the still
strong economy, comparatively low interest rates, a growing population, and the
creation of new jobs, we think the residential market will continue to be
strong in the fourth quarter of 2005 and into 2006,” added Mr. Spinola.
The condominium
report had the following additional findings:
Manhattan:
- The median price per square foot for
condominiums rose 26% to $1,012.
Neighborhood:
- The highest neighborhood median price
was Downtown which climbed to $935,000, an increase of 37%.
Price Per Square
Foot:
- The East Side median price per square
foot registered the largest percentage increase at 33% to $1,013.
- The West Side median price per square
foot of $1,051 showed an increase of 21% and represented the highest
neighborhood price.
The cooperative
report had the following additional findings:
Manhattan:
- Sales activity for cooperative
transfers was 21% higher than a year ago
- Median prices per room for cooperatives
rose 11% to $195,000
Neighborhood:
- The West Side median price per room
increased 15% to $207,000 per room and represented the highest
neighborhood price
Price Per Room:
- Median prices per room for two-bedroom
cooperatives set a new record, rising 9% to $232,000 per room
About
the Cooperative Report
REBNY
compiles its quarterly reports through confidential surveys provided by the
city’s major residential brokerage firms. Individual brokers submit
cooperative transfer data, which is not available to the public. REBNY
then publishes this condensed version of its survey to help buyers and sellers
determine current fair market values. The full report is circulated
exclusively among the participating brokers who provide the sales data.
About
the Condominium Report
The
Quarterly Condominium Report is compiled by REBNY from recorded condominium
transfers.
About
REBNY
As
the oldest and most influential real estate trade association in New York City,
The Real Estate Board of New York represents major commercial and residential
property owners and builders, brokers and managers, banks, financial service
companies, utilities, attorneys, architects, contractors and other individuals
and institutions professionally interested in the city’s real
estate. REBNY is involved in crucial municipal matters including
tax policy, city planning and zoning, rental conditions, land use policy,
building codes and legislation. In addition, REBNY publishes reports
providing indicators of market prices for both the residential and commercial
sectors.
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