Manhattan residential prices post slight decline.For the second consecutive quarter, the average sale price for residential properties below 96th Street experienced a slight decline in the All Manhattan Index, reports The Halstead Property Company in the premiere issue of its new magazine, 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 . However, the average price of residential properties in the Silk Stocking area - super luxury residences on Central Park West, Fifth Avenue and Park Avenue - experienced a slight increase. "The decline in sale prices in the broad Manhattan Index was negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . ," said Clark Halstead, founder and managing partner of the firm that bears his name. "Most Manhattan neighborhoods are experiencing price increases, and the demand for a New York residence is so strong that the market is already correcting." The broad Manhattan Index of average sale price per room finished the first quarter of 1999 at $156,054, down from $157,409 at the end of the fourth quarter of 1998. The average sale price per room for Silk Stocking properties finished the first quarter at $335,278, up from $319,410 at the end of 1998. These represent price decreases or increases of less than 1 percent. This dichotomy di·chot·o·my n. pl. di·chot·o·mies 1. Division into two usually contradictory parts or opinions: "the dichotomy of the one and the many" Louis Auchincloss. prevailed throughout the city. An analysis of the Manhattan real estate market by neighborhood shows that the average sale price increased in some neighborhoods and decreased in others. In areas that posted increases, most have not quite recovered from the stock market dip of October 1998. One significant 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. that stands out in the report is a 30 percent increase in the average price of condominiums with more than two bedrooms. For the first quarter of 1999, the average price of these apartments was $398,468, up from $306,039 in the fourth quarter of 1998. Condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. studios also fared well, showing a 15 percent increase in average sale price from fourth quarter 1998 to first quarter 1999. "The leap in sale prices in this category is a result of several new luxury condominium buildings that came on the market," explained Halstead. "These buildings offer pre-war styling, terrific amenities, wonderful locations and large family-sized apartments, and are being sold at top market prices." On the other hand, townhouses, which had posted month-to-month month-to-month adj. referring to a tenancy in which the tenant pays monthly rent and has no lease, and the tenancy can be terminated by the landlord at any time on thirty-days notice. (See: tenancy, landlord and tenant) increases during 1998, reaching a top average price of $3,159,386 in the third quarter of 1998, have reversed the trend and now show declining prices, ending at $2,836,657 in the first quarter of 1999. "Demand for townhouses continues to be very strong, but the properties coming on the market right now are second tier, and thus command lower prices," explained Halstead. "This tends to skew (1) The misalignment of a document or punch card in the feed tray or hopper that prohibits it from being scanned or read properly. (2) In facsimile, the difference in rectangularity between the received and transmitted page. the overall average price downward, but does not reflect a diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. demand for this type of property." |
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