DE: Third quarter was slower.The bustling bus·tle 1 intr. & tr.v. bus·tled, bus·tling, bus·tles To move or cause to move energetically and busily. n. Excited and often noisy activity; a stir. Manhattan real estate market cooled off slightly in the third quarter of 2000, with the average sales price of a Manhattan apartment hitting $789,225 -- 7.7% below the second quarter's $854,704, then the highest ever recorded, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Douglas Elliman Manhattan Market Overview. However, the overall average price remains 34% above the average of $590,957 for 1999, according to the report. The Douglas Elliman analysis de scribes Scribes is a text editor for GNOME that is simple, slim and sleek, and features no tabs, auto-completion and much more. Scribes is Free Software licensed under the terms of the GNU GPL. the third quarter as a "period of transition" and "possibly the start of a trend toward and improved balance between supply and demand." "The market is still robust, with continuing high demand for residential space," said Paul Purcell, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and managing director of Douglas Elliman. "We regard this as more of a stabilization, rather than a downturn, of a market that was overly frenetic fre·net·ic or phre·net·ic also fre·net·i·cal or phre·net·i·cal adj. Wildly excited or active; frantic; frenzied. [Middle English frenetik, from Old French frenetique ." The third quarter was the first quarter without double-digit percentage sales price growth, the Douglas Elliman Manhattan Market Overview pointed out. The average sales price of a Manhattan co-op rose just 1.5% from the previous quarter -- still a 26.7% increase over third quarter 1999. The average sales price for condos declined 8.5% for the quarter -- 42% higher than in the third quarter 1999. On the super-high end of the market, the average sales price for a luxury co-op, defined as a two-, three-or four-bedroom apartment on Park Avenue, Fifth Avenue, and Central Park West, was 25% higher than the average for 1999. Average sales price is now $678,450 for a coop COOP See Banks for Cooperatives (COOP). , $954,925 for a condo, and $2,621,667 for a luxury coop, according to the Douglas Elliman Manhattan Market Overview analysis of more than 2,000 Manhattan apartment sales. The third quarter market stabilization is attributed to two influences, the historic summer lull and last spring's NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on market correction Market correction A relatively short-term drop in stock market prices, generally viewed as bringing overpriced stocks back to a level closer to companies' actual values. . If there is a significant problem with the market-place, it is the limited inventory of residential properties. "The current market is supply-driven, and most new construction and conversion is now targeted at the high end, meaning overall inventory is not keeping pace with the continued demand for more affordable apartments," Purcell noted. "High-end buyers seem to be driving the market now. Average price per room in the third quarter was up 4.5% for coops, but down 5% for condos (the latter on an SF basis), compared to second quarter prices, but up 30.7% and 23.7%, from 1999. For luxury coops, the picture was entirely different. Demand is so strong in this category that the average sales price per room is 61% higher than in 1999. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion