Manhattan Real Estate: 1-Q - 2008 Market Report

By
Real Estate Agent with The Corcoran Group

Miller Samuel and major Manhattan brokerage firms released Apartment sales data this week for the first quarter of 2008.

The average price of a Manhattan apartment rose 33.5% to $1,700,00 from the same quarter a year ago.

  • The average price of a Manhattan coop rose to $1,300,000 from $996,000 a year ago
  • The average price of a Manhattan condo rose to $1,900,000 from $1,300,000 a year ago
  • The median price of a Manhattan apartment rose to $917,000 up from $840,000 lasy year.
  • The median price of a 1 Bedroom apartment rose 12% to $750,000 from $699,00 last year.
  • 4 Bedroom plus coops rose 86% to $12,900,000 from $6,900,000 last year.

While prices are up sales are slowing and inventory is rising. During the 1st quarter of 2008 71 apartments sold for more than $10 million compared to only 17 in all of 2007. 15 Central Park West and The Plaza had closings this quarter with record breaking sale prices skewing the price averages higher. Many of these units were in contract for a year.

Prices rose throughout Manhattan including Upper Manhattan's Hamilton and Washington Heights.

Brokers have reported that some Bear Sterns executives have put their apartments on the market. While there has been some fallout from Wall Street there is strong activity from foreign buyers.

In the past when the financial sector has a bad year Manhattan real estate suffers. However, the rest of our local economy is strong and Manhattan real estate has  never been this attractive to foreign buyers because of the weak dollar. Foreign buyers primarily buy condos since most coops do not allow foreign ownership. Some coops have recently changed their rules to permit foreign shareholders.

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Ambassador
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Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital
Well, Mitch!  Looks like I'll have to marry for money if I plan to move back and buy a place in New York!  And, by the way, I really love the background music - it totally reflects my present frame of mind!
Apr 03, 2008 10:33 PM #1
Rainmaker
511,016
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC
Pat lol, Are you in a New York state of mind? Thanks I just added the music. I just changed the code so you have to turn it on yourself. I don't want it to annoy people if they're in an office and can't have music. I think I found a song for every musical taste.
Apr 03, 2008 10:43 PM #2
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Authentic Feng Shui Expert
Mitchell, I don't think the price of real estate in Manhattan will EVER go down...and I did hear about foreign ownership although I wasn't aware about co-ops.  I'm betting that will change soon.
Apr 03, 2008 11:39 PM #3
Rainmaker
511,016
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC
Hi Carole, I agree and if prices go down or stay flat it's only temporary. Manhattan is an island with a finite amount of land and locations to build housing and there is very little left. The population in NYC is expected to grow by 900,000 people over the next couple of decades. Some coops have changed their rules.
Apr 04, 2008 08:04 AM #4
Anonymous
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Park Dee

Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location.
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Jul 12, 2008 11:24 PM #5
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Rainmaker
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Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
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