Condo prices drop.
In January 2004, the average price per square foot for a condominium apartment north of 96th Street was $418-square-foot, encompassing east and west sides of northern Manhattan. As of January 2005, the price had decreased to $325-per-square-foot.
The prices-per-square foot in the five other Manhattan sub-markets, indicate an average increase of 17 percent between first quarters 2004 and 2005.
"I think we are all surprised to see condo sales prices shifting downward in any Manhattan submarket at this time," says Mr. Robbins.
"But the statistical data provided by Condo-Sales.com specifically addresses actual sales price, which can't be refuted by conjecture or anecdotal information. Of course, there are breakdowns in terms of apartment sizes that may indicate price increases for two- and three-bedroom apartments, but it's important to get an overall picture of what is going on in the market at any time.
"Frankly, if I were a first-time apartment buyer, I would probably seek an apartment north of 96th Street. There is substantial new construction uptown and what appears to be, excellent value."
Condo-Sales.com was launched in November 2004 to provide condominium buyers and sellers with recent sales prices. In addition to appealing to a large consumer market, the site has become an important tool for brokers and investors seeking accurate sales data.
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|Publication:||Real Estate Weekly|
|Date:||May 11, 2005|
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