City's still got it as REBNY reports soaring sales prices.
The median sales price for Manhattan condominiums shot up 20% to $770,000, while cooperatives posted a more modest increase, rising 6% to $649,000.
"The Downtown market--which hit a 10-year high in 2004--continues to flourish, and price increases in all neighborhoods demonstrate the continued desire to live in New York," said REBNY President, Steven Spinola."
It's clear that consumer confidence, availability of housing and reasonable interest rates will continue to drive demand in 2006, and I anticipate we will continue to see increases into 2007."
REBNY's Cooperative and Condominium Reports, the most comprehensive available for the Manhattan market, reported that the Downtown area (South of 42nd Street) had the highest neighborhood median sales price for condominiums at $849,000, a 27% increase from last year. Northern Manhattan condominiums saw the highest percentage increase, climbing 46% to a median of $364,609.
Cooperatives on the West Side posted the largest percentage increase in median price, of 19% to $722,000, the highest neighborhood price. For the first time, the average sales price in this neighborhood surpassed the million-dollar mark, checking in at $1,087,950.
Prewar cooperatives in Northern Manhattan posted the largest increase in median sales price, up 23% to $499,500. REBNY also reports that prewar units on the East Side registered the highest median sales price at $898,250.
Downtown saw the largest percentage increase for postwar cooperative median sales price, which was up 21% to $526,500. As a whole, the Manhattan postwar cooperative median sales price rose 10% to $600,000.
Downtown prewar condominium units reported the highest median sales price, soaring 31% to $1,499,000, the greatest percentage increase. West Side postwar units registered the highest median sales price, rising 23% to $800,000.
The median price per room for Downtown cooperatives rose 20% over the course of 2005 to $183,633, the largest percentage increase. The highest median price per room-$199,500--was reported on the West Side.
Median prices per square foot saw similar increases. The median price per square foot for Manhattan condominiums rose 25% to $951. On the East Side, the median price per square foot climbed 28%, the largest percentage increase to $950. The median price per square foot for a West Side condominium rose 23% to $989, representing the highest neighborhood price.
REBNY also reports that there were 4,921 recorded coop transfers in 2005, a 17% increase from 2004 and 5,038 condo transfers last year.
The cooperative report had the following additional findings:
* In Northern Manhattan, the average sales price reached $699,034, a 47% increase from 2004, marking the highest percentage increase.
* Overall, the average sales price for a Manhattan cooperative rose to $1, 025,527.
* West Side postwar apartment average sales prices posted the largest percentage gain, up 20% to $797,296.
* The average sales price for a prewar apartment in Northern Manhattan skyrocketed 51% to $749.735.
Price per Room
* Northern Manhattan posted the greatest percentage increase in average price per room, jumping 32% to $146,257.
* The East Side reported the highest average price per room at $241,261, an increase of 5%.
* The average sales price for a Manhattan condominium rose 24% from 2004 to $1,206,094.
* The East Side reported an average sales price of $1,325,136, a 43% increase from last year, marking the greatest percentage increase and the highest neighborhood average.
* The average sales price for a prewar apartment on the East Side jumped 55% to $2,038,288, the highest neighborhood price.
* West Side postwar apartments average sales price of $1,382,596 represented a jump of 19% and was the highest of any neighborhood.
Price Per Square Foot
* The Manhattan average price per square foot climbed 22% to $1,005.
* The highest average price per square foot--$1,069--was reported on the West Side.
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|Title Annotation:||Real Estate Board of New York|
|Publication:||Real Estate Weekly|
|Date:||Mar 15, 2006|
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