We did see an influx of international investors this year come to New York and pay cash for condominiums. With the vacancy rate teetering around .5%, investors saw opportunity with pricing and ability to rent quickly. In some cases, condos sold for asking price or slightly more.
Overall, the New York market did well with an increase in volume for sales.
I recently had a short two minute video biography produced which includes two client testimonials. I invite you to watch and refer any friends or relatives you know who will be selling or buying in the new year. Thanks for your time.
Have a happy holiday season and a productive, healthy 2012!
Manhattan Cooperatives and Condominiums
Prices for Manhattan apartments increased slightly during 2011. The average sales price in the third quarter was $1,437,302. This represents a 1% increase from the third quarter 2010. This is good news for the New York market. However, the median price decreased 4% during this period to $850,000.
The volume of reported apartment sales increased 1% from a year ago to 2,492.
This combined data is very useful when planning a strategy into 2012. Let’s dissect this further and see how condominiums and cooperatives performed separately.
Third Quarter 2011 – Cooperative Sales Activity
A 17% gain in three bedroom and larger apartments helped push the average price for all co-ops 2% higher from 2010’s third quarter, to $1,180,442. The average price did decline for both studio and one bedroom co-ops compared to a year ago.
Quarter | Studio | 1 BR | 2 BR | 3 + BR | All |
3rd Q 11 | $343,363 | $577,256 | $1,221,556 | $3,559,549 | $1,180,442 |
2nd Q 11 | $351,499 | $590,688 | $1,308,501 | $3,675,849 | $1,214,047 |
1st Q 11 | $331,846 | $582,669 | $1,210,817 | $3,157,789 | $1,070,229 |
4th Q 10 | $342,545 | $593,718 | $1,231,116 | $3,150,700 | $1,158,333 |
3rd Q 10 | $366,086 | $606,444 | $1,206,257 | $3,049,980 | $1,156,733 |
Third Quarter 2011 – Condominium Sales Activity
All sizes of condo apartments saw an increase in the average over the past year, led by a 6% gain in studio apartments. The overall average condo price rose 2% during this time to $1,756,744.
Quarter | Studio | 1 BR | 2 BR | 3 + BR | All |
3rd Q 11 | $525,014 | $837,707 | $1,652,607 | $3,844,301 | $1,756,744 |
2nd Q 11 | $493,992 | $796,378 | $1,652,085 | $3,724,128 | $1,670,908 |
1st Q 11 | $517,980 | $820,419 | $1,631,454 | $3,853,227 | $1,745,464 |
4th Q 10 | $495,002 | $844,964 | $1,637,638 | $4,567,750 | $1,751,219 |
New Development News
Apartments in new developments sold for an average of $1,169 per square foot in the third quarter, a 5% gain from the third quarter of 2010. Lofts posted a 12% increase in average price per square foot over the past year, rising from $1,077 to $1,204.
Time on the Market
Co-ops and condos that sold during the third quarter spent an average of 111 days on the market, down from the previous quarter, but 14% longer than a year ago. Seller’s received 95.8% of their final asking price, virtually unchanged from the third quarter of 2010.
West Side
A number of closings at The Laureate, a new development condominium, helped bring the average price for three-bedroom and larger condos on the West Side increase 13% over the past year. These closings also helped to bring the average condo price per square foot up 11% from 2010’s third quarter, to $1,390. Co-op prices on the West Side fell over the past year, with the average price per room down 2% for prewar and 5% for postwar co-ops.
East Side
East Side pricing gains over the past year were led by three-bedroom and larger apartments, whose average price rose 29% to $4,541,417. This figure was helped by 5 sales over $20 million. Prices also rose for one and two bedroom apartments, while falling for studios. The increased high-end activity in this area was concentrated in the prewar co-op market, whose average price per room rose 23% compared to 2010’s comparable period.
Midtown East (34th Street to 59th Street, 5th Avenue to East River)
The average price per room fell last year for both prewar and postwar co-ops in the Midtown East market. Condo prices were slightly lower, as their average price per square foot fell 1% to $1,260.
Midtown West (34th Street to 59th Street, 5th Avenue to Hudson River)
Although sharp declines were seen in the average price per room for prewar co-ops in the Midtown West market, this is a relatively small area and can see large fluctuations in data from quarter-to-quarter. The average condo price fell 6% over the past year to $1,178 per square foot.
Downtown
Downtown prices were mixed over the past year, with the average price up for studios and two bedrooms but lower for one and three bedrooms and larger apartments. The average co-op price per room rose 4% for prewar and 2% for postwar units. Condo prices averaged $1,192 per square foot, 1% lower than a year ago.
Upper Manhattan (North of 96th Street East and West)
While the average price rose 11% over the past year for three-bedroom and larger units in Northern Manhattan, this was the only size category to see an increase in its average price. Co-op prices were mixed, as the average price per room fell slightly for prewar but rose for postwar apartments. At $575, the average condo price per square foot in Northern Manhattan was 7% lower than a year ago.
This data copied and reworded in cases from a report by Gregory Heym, Chief Economist, Halstead Property, LLC.
©2011 by Halstead Property, LLC. All Rights Reserved. This information may not be copied, commercially used or distributed without Halstead Property’s prior consent. While information is believed true, no guaranty is made of accuracy.
