Condo prices on an upswing, report says.Prices in the Manhattan condominium market were down 9.9 percent in 1992, although the luxury residences in the Gold Coast area Fifth, Madison, Park, Central Park West and Central Park South) showed an increase of 2.3 percent for the year and a 12.31 percent price appreciation since the end of 1990, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the Heller Equities Condominium Price Index prepared by the University of Pennsylvania's Wharton Real Estate Center.
The Manhattan decline continues the steady fall in overall prices since the high in 1989, and represents a 16 percent drop in price.
Other highlights of the report by Professor Susan M. Wachter of the Wharton Real Estate . Center at the University of Pennsylvania (body, education) University of Pennsylvania - The home of ENIAC and Machiavelli.
Address: Philadelphia, PA, USA. , who has constructed an econometric model Econometric models are used by economists to find standard relationships among aspects of the macroeconomy and use those relationships to predict the effects of certain events (like government policies) on inflation, unemployment, growth, etc. exclusively for Heller Equities Incorporated, are:
* Lexington Avenue to York Avenue York Avenue is a short north-south thoroughfare on the East Side of the borough of Manhattan in New York City. It runs from 59th Street north to 91st Street on the Upper East Side. It is known for its upscale apartments, much like the rest of the Upper East Side. prices declined 7.3 percent in 1992, showing a price depreciation overall of 12.17 percent since year end 1990
* Upper West Side prices fell 13.7 percent in 1992, posting a 21.73 percent price drop overall since the end of 1990
* There were 2,333 condominium sales recorded in 1992, down 20.62 percent from the 2,939 recorded in 1991
* There were 368 residential permits issued in 1992, the second year in a row that permits dropped below 750
* An investment table for residential condominium owners shows that a home held for at least five to seven years still provides a steady financial return. A typical condominium purchased in Manhattan in 1984 for $500.000 would have sold for $540.600 in 1992, providing the owner with a return of 5.1 percent per annum Per annum
Yearly. , not including tax benefits
The Heller Equities Condominium Price Index: Manhattan, constructed by Professor Wachter, is the first complete econometric model to focus entirely on the Manhattan condominium market. It calculates marketwide changes in value over time. The index tracks all resale prices of residential condominiums located from 50th Street to 86th Street, and from the Hudson River Hudson River
River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. to the East River, on an annual and quarterly basis. Heller Equities Incorporated is a full-service real estate development and investment organization. The New York-based company has developed more than $250 million worth of residential real estate in Manhattan, Long Island, New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State, and northern Virginia. Past and present developments include high-rise condominiums, single-family homes, townhouses and garden apartments.