Corcoran mw-year report: NYC residential market still strong.
Here are the highlights of the Mid Year 2001 Corcoran Report:
The once affordable Upper East Side studio apartment has caught up with the rest of the market with an astounding 30% gain in average price this year. Manhattan studios and one-bedroom apartments stand out as having made the largest upward strides. A one-bedroom in a West Side cooperative now typically costs $386,000, a 21 % increase over 2000.
The average sale price of East Side cooperatives surpassed. the Si million threshold for the first time, up 18% over last year. Upper East and Upper West Siders are holding on to their condos, contributing to a decrease in sales volume in this category. The West Side condominium market saw gains in price for every size of apartment, but at a less frenetic pace than the Upper East Side.
Rental prices for Manhattan studios and one-bedroom apartments have continued to rise, but at a more modest pace. Citywide, the completion of new rental buildings has created a surplus of vacant apartments, forcing landlords to lower rents.
The townhouse market lost some momentum on the West Side, where the average sale price fell below $2.5' million. East Side townhouse sales remained at $4.7 million, while Downtown sales saw the average price rise to $3 million, a 22% increase.
Single millionaires continue to dominate the buyer's market. Unmarried buyers accounted for 53% of the transactions.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||Corcoran Report|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Aug 29, 2001|
|Previous Article:||Lefrak taking reservations for Jersey City apartment complex.|
|Next Article:||Co-op prices a mixed picture.|