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 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."


Condo Uh-Oh


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