Manhattan residential market 30 percent ahead of '80s peak.The Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). residential real estate market closed 1997 at record levels, both in the Silk Stocking index of luxury properties and the broad market index of all residential property below 96th Street, reports the year-end edition of Halstead's 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 , a quarterly statistical survey of Manhattan residential real estate. The averages now stand at 30 percent above the records set in the 1980's. To put this into perspective, Halstead reports that in 1997, six of the 12 months saw record breaking average prices in the broad market. In 1996, seven of 12 months saw record-breaking averages in the broad market. The Silk Stocking market was even hotter. In 1997, nine of the 12 months posted records, while in 1996 eight did. "There's been a great deal said about how crazy the real estate market here his been in the last few years, but 30 percent appreciation over a decade is certainly not excessive," said Clark Halstead, founder of The Halstead Property Company, one of the largest residential real estate brokerage firms in New York. "What has made the appreciation seem astounding a·stound tr.v. a·stound·ed, a·stound·ing, a·stounds To astonish and bewilder. See Synonyms at surprise. [From Middle English astoned, past participle of astonen, is that the market came back from a 25 percent decline after it hit its highs in the 1980's. But we're fairly comfortable with the overall picture." Halstead notes that bidding wars, except for larger apartments which are in short supply, have tapered ta·per n. 1. A small or very slender candle. 2. A long wax-coated wick used to light candles or gas lamps. 3. A source of feeble light. 4. a. off somewhat, and a more orderly market Orderly Market Any market in which the supply and demand are reasonably equal. Notes: Orderly markets usually don't have volatile price swings and prices are competitive, reflecting the true value of the good or service. has followed the brief leveling of prices that occurred in the third quarter of the year. Halstead's New York reports that the broad market index gained 18 percent in 1997 over the end of 1996, ending with an average sale price per room of $137,586. The Silk Stocking index of properties on Fifth and Park avenues, Central Park West and Riverside Drive A number of cities around the world have a Riverside Drive. In the United States:
While every neighborhood in Manhattan posted average price gains in 1997, the neighborhood that fared the best was East End Avenue and the environs of Gracie Mansion Gracie Mansion is the official residence of the Mayor of New York City. Built in 1799, it is located in Carl Schulz Park, at East End Avenue and Eighty-eighth Street in Manhattan. It overlooks Hell Gate. Architecture Archibald Gracie built Gracie Mansion in 1799. , which posted a 31.4 percent increase in average price over the year. East End Avenue and Gracie had somewhat lagged the market in the earlier phase of price rises. Perhaps the most astounding statistic statistic, n a value or number that describes a series of quantitative observations or measures; a value calculated from a sample. statistic a numerical value calculated from a number of observations in order to summarize them. at the end of the year was the negotiation index, representing the percentage of the seller's asking price buyers pay on average. By the end of 1997, the index stood at 92.1 percent, up from 87.7 percent at the end of 1996. "We pay very close attention to the negotiation index, as this is the real barometer for prices and the pace of the market," Halstead said. "To put this in perspective, in the in the depth of the recession the index dropped to 82 percent. With the index in the low 90's, we've got some way to go before this cycle is over." |
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