ClubWRX Forum banner

1 - 3 of 3 Posts

·
Registered
Joined
·
9,023 Posts
Discussion Starter #1
NEW YORK -- Who wants to be a millionaire?

Anyone who wants to buy a Manhattan apartment.

For the first time, the average price of a Manhattan apartment broke through the $1 million mark, as cheap money, a tight supply and an improving economy made most prospective buyers feel like paupers.

During the second quarter, the average sales price of a Manhattan apartment was $1,047,938 -- up 4.9 percent from the previous quarter and 20.9 percent above last year's average sales price, according to the quarterly Prudential Douglas Elliman Manhattan Market Overview report, released Tuesday.

Despite ticking up during the second quarter, mortgage rates have dropped back down again. And meanwhile, the New York City economy has improved.

Those two factors whipped prices up above the million-dollar mark, said Jonathan Miller, president of Miller Samuel Inc., which prepared the report

"And a lack of supply" also upped the ante, he said. "We're still at a level lower than the same quarter last year."

The report covers the co-operative and condominium markets from the lower tip of Manhattan to 116th Street on the West Side and 96th Street on the East Side.

The average studio in the area cost $326,947, up 26 percent from the first quarter and up nearly 29 percent for the year.

An average one-bedroom apartment cost $535,751, up 10.9 percent from the first quarter and up 22.6 percent for the year.

UP, UP AND AWAY

The average two-bedroom apartment, which makes up the largest market share of the types of apartments sold, was $1.34 million, up 6.7 percent from the first quarter and up nearly 28 percent for the year.

The average price per square foot reached a record $786, up 7.6 percent over the first quarter and up 19 percent from the same period last year.

Although the supply of condos and co-ops rose 21 percent during the second quarter to 5,211 units, Manhattan's stock of this type of housing was still 14 percent below last year's level.

Meanwhile, the median sales price -- the price right in the middle of the entire range -- also set a record of $674,000, and increased at a faster rate than the average price. The median sales price during the second quarter was about 8 percent above the first quarter's median and 17.2 percent above that of a year earlier.

The average sale price for all apartment sizes set records, except for those of four-bedroom abodes, where the small number available tends to make the segment more volatile.

And next quarter?

"I think there's the potential for it to be more of the same -- if mortgage rates continue to trend down or remain flat because supply really hasn't changed," Miller said.

http://www.boston.com/business/articles/2004/07/13/average_manhattan_apartment_costs_over_1_million/




:eek3: Remind me never to buy a place in NYC.
 

·
Registered
Joined
·
4,016 Posts
boy i sure hate my firend whos father bought 2 buildings in manhattan for 40g many many moons ago.:mad:

argh. and he gets free housing in one of them. ARGH!!!

oh well. at least he doesnt act like some manhattan spoiled trash thank god...
 

·
Registered
Joined
·
2,589 Posts
Real estate boom. The bubble should burst within 2 years, but who knows... These people are paying more than the property is worth.

When they get it re-appraised it wont be worth more than they owe, ooops.

-Mike
 
1 - 3 of 3 Posts
Top