Report: NYC condo prices continue to stabilize in '92.Prices for residential condominiums in Manhattan declined a marginal 4.01 percentage points overall in 1991, as measured by the "Heller Equities 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. Index: Manhattan." The winter 1992 issue of the "Heller Equities Condominium Report: Manhattan" notes that while the neighborhood from Lexington to York Avenues York Avenue is a short north-south thoroughfare on the East Side of the borough of Manhattan in New York City. It runs from 59th Street north to 91st Street on the Upper East Side. It is known for its upscale apartments, much like the rest of the Upper East Side. experienced the sharpest decline in prices, with a 4.94 percent decrease for 1991, the "Gold Coast areas of Fifth, Madison, Park, Central Park West and Central Park South demonstrated the highest price increase of 10.01 percent. The neighborhood west of Central Park West to the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. enjoyed an 8.03 percent price increase. (All areas are bound north by 86th Street and south by 50th Street.) "The report indicates that the 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 residential condominium market is continuing a stabilizing stabilizing, v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers. course," said Jack Heller of Heller Equities Incorporated, the firm that commissions the index from Professor Susan M. Wachter of the Wharton Real Estate Center, University of Pennsylvania (body, education) University of Pennsylvania - The home of ENIAC and Machiavelli. http://upenn.edu/. Address: Philadelphia, PA, USA. . "In terms of variances among neighborhoods, condominium residences located in historically prestigious neighborhoods seem to be outpacing the market as a whole." In contrast to reports of a sluggish residential market, the number of condominium units sold in 1991 was slightly higher than 1990's numbers. "The Heller Equities Condominium Report: Manhattan" reports 2,939 condominium sales in 1991, up 1.3 percent from 2,902 in 1990. While selling was active, permits issued for new residential units were at a seven-year low, down 77 percent, to 545 in 1991 from 2,398 in 1990. As previous reports have indicated, demand for residential condominiums in Manhattan continues to outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, supply, and the supply of existing condominiums continues to be absorbed. If this trend continues Manhattan may experience a shortage of residential units in the near future. "We expect this activity will result in a significant increase in condominium prices in 1992," said Heller. The year-end report also shows that national mortgage rates continued to fall to 8.5 percent in December 1991, down from 9.58 percent one year earlier. |
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