New REBNY report proves market still going strong.The residential market in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. continued to show its strength in the first quarter of 2007, as average apartment prices jumped 23% citywide and all five boroughs recorded a percentage increase in average prices for one-to-three-family dwellings, 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. a comprehensive five-borough residential report, the first of its kind, issued today by the Real Estate Board of 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 (REBNY REBNY Real Estate Board of New York ). "This is the first citywide residential report to be compiled by REBNY, and given our broad membership, it is the most comprehensive report available," said Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. Spinola, REBNY's president. "While we will continue to issue our complete Manhattan and Brooklyn reports, this five-borough report will be issued quarterly to provide a wider perspective on the New York City residential market," he added. According to the report, average sales prices for apartments in New York City rose 23 percent to $745,000 in the first quarter of 2007 compared to the first quarter of last year, while median sales prices for New York City apartments surged 20 percent to $450,000. One-to-three-family dwellings, which make up the bulk of housing in some of the boroughs outside Manhattan, also showed gains in the first quarter. Average sales prices for one-to-three-family dwellings increased 7% to $595,000, while median sales prices for one-to-three-family dwellings rose 8% to $540,000. Manhattan led the average price increases for one-to-three-family dwellings, rising 16% since last year, while Brooklyn and the Bronx were up 7%; Queens average prices rose 4% and Staten Island Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. rose 3%. "The residential market continued to show its strength in the first quarter," said Spinola. "In fact, the report found that average apartment prices surged more than 20 percent and average prices for one-to-three family homes were up more than eight percent." REBNY's New York City Residential Sales Report compiles sales data in two overall categories: all apartments, which include condominiums and cooperatives Two common forms of multiple-unit dwellings, with independent owners or lessees of the individual units comprising the multiple-unit dwelling who share various costs and responsibilities of areas they use in common. , and one-to-three family dwellings. The data is then categorized cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat by sales price and price per square foot; the average and median are computed for each subcategory sub·cat·e·go·ry n. pl. sub·cat·e·go·ries A subdivision that has common differentiating characteristics within a larger category. . The report found significant increases for average prices per square foot for New York City apartments which rose 14 percent to $733 per square foot. The median price per square foot for New York City apartments surged 28 percent to $671 per square foot. Following are other highlights from the report: Apartments: * Manhattan had the highest average sales price of apartments at $1,107,000. Brooklyn was second at $441,000 and Queens followed at $257,000. * The average price per square foot for a cooperative was $664, a rise of seven percent compared to last year. The average price per square foot for 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. rose 19 percent to $791. * The average price per square foot for a Manhattan apartment increased three percent to $1,013. Brooklyn and Queens recorded the next highest prices per square foot for an apartment at $476 and $348 respectively. * The median sales price for a condominium increased in all five boroughs. The Bronx and Manhattan showed the highest percentage increases at 17 percent and 10 percent respectively. One-to-three-Family Dwellings: * Overall for New York City, average prices per square foot increased four percent to $352 per square foot and median prices per square foot rose six percent to $321 per square foot. * Manhattan recorded the highest average price for one-to-three-family dwellings at $3,942,000. Brooklyn registered the next highest average sales price at $643,000. Queens followed with an average sales price of $580,000. |
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