Report: Condos price surge continues.Median prices for 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). condominiums jumped up 22% to $814,000 in the third quarter of 2005 compared to a year ago, 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. sales reports released 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 ). There were mixed results for cooperatives as median prices per room for cooperatives set a record for studio/one-bedrooms jumping 24% to $173,000 per room, while overall median prices for cooperatives dipped 2% to $650,000. The reports, the most comprehensive available for the Manhattan market, also showed that Northern Manhattan cooperatives had another record-breaking Adj. 1. record-breaking - surpassing any previously established record; "a record-breaking high jump"; "record-breaking crowds" best - (superlative of `good') having the most positive qualities; "the best film of the year"; "the best solution"; "the best time for quarter with median price surges of 54% for cooperatives to $470,000, and 50% for condominiums to $349,000. "When comparing apartment prices for both coops and condos to last year's prices, median sales prices are up 9% and averages are up 11.6%," 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 President. "Clearly, condominiums led the quarter in terms of price gains. However, the dip in cooperatives can be slightly misleading as it is likely the result of a softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. luxury market not necessarily the market overall; smaller apartments like studios and one-bedrooms still showed gains of 20%." "With the still strong economy, comparatively low interest rates, a growing population, and the creation of new jobs, we think the residential market will continue to be strong in the fourth quarter of 2005 and into 2006," added Mr. Spinola. The 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. report had the following additional findings: Manhattan: The median price per square foot for condominiums rose 26% to $1,012. Neighborhood: The highest neighborhood median price was Downtown which climbed to $935,000, an increase of 37%. Price Per Square Foot: The East Side median price per square foot registered the largest percentage increase at 33% to $1,013. The West Side median price per square foot of $1,051 showed an increase of 21%, the highest neighborhood price. The cooperative report had the following additional findings: Manhattan: Sales activity for cooperative transfers was 21% higher than a year ago. Median prices per room for cooperatives rose 11% to $195,000. Neighborhood: West Side median price per room increased 15% to $207,000 per room and represented the highest neighborhood price. Price Per Room: Median prices per room for two-bedroom cooperatives set a new record, rising 9% to $232,000 per room. |
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