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Corcoran mw-year report: NYC residential market still strong.

The New York City real estate market is continuing to show vigor. The 18% increase in the average sale price citywide speaks of buoyancy in the current market. The market has experienced some fragmentation due to anxiety about the national economy and stock market fluctuations. With many buyers adopting a "wait and see" position, the number of transactions has thinned out in every property category, yet the effect on home prices is widely divergent among neighborhoods and types of property.

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.
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Title Annotation:Corcoran Report
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:Aug 29, 2001
Words:314
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