Friday, September 09, 2005

Manhattan Apartment Prices Drop

I saw the following update on the market for New York apratments yesterday from Halstead(the real estate broker) by way of Curbed.com. Curbed paraphrases this report:

"Key findings: apartments in Manhattan sold for an average of $1.145 million, 14% higher than a year ago, while median prices jumped 12% to $725,000. And loft prices set a new record in August, hitting $966 per square foot, 25% above a year ago."

Well, duh. Did anyone doubt we would see a year-over-year price increase. Butoff the top of my head those numbers seemed to show a downward trend. Before I could start tracking the past quarters myself the New York Post beat me to it. The Post writes:

"The average price of a Manhattan apartment has dropped from $1.332 million in June to $1.145 million by the end of August — more than 14 percent, according to the latest monthly report by the Halstead real-estate company.

Likewise, the median price of the Big Apple's condos and co-ops has dipped from a high of $831,250 in June to $725,000 in August, a 12 percent drop.

While the summer months have traditionally been a slow time for real estate, this year's numbers have taken an exceptionally heavy nosedive.

. . .

In June, when the average sale price for a Manhattan apartment hit $1.3 million, it was a 30 percent increase over the previous year. But the August average price of $1.145 million is less than half the yearly upswing — about 14 percent — from $1.001 million in August 2004."

A broker says: "'At this point, I'm telling them not to panic. But it's getting close to the point where I'm telling them they have to be flexible,' a term that sellers across the country have not had to focus on too seriously.

But things are changing in Manhattan, as inventory of available property continues to creep higher."

Link:

Condo Uh-Oh

2 Comments:

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