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A blog from CityRealty (Links below will take you to the 6sqft site)

Carter's View

In the co-op apartment sales market, the median sales price in Manhattan was $750,000 in the first quarter of 2008, an 11.1 percent increase from the prior year quarter, according to a report issued today by Jonathan Miller for Prudential Douglas Elliman.

The report found that the average price per square foot was 15.7 percent from the prior year quarter to a record $1,128 in the current quarter. The average sales price rose 23.1 percent in this quarter from the prior year quarter to a record $1,393,548, it continued, adding that the number of sales in the current quarter was 1,004, down 43.3 percent from the prior year quarter and that there were 2,869 co-ops listed at the end of the first quarter this year and that the average days on the market was 142 days this quarter and that the listing discount was3.9 percent.

The report found that the average studio sales price was $514,129, the average one-bedroom sales price was $735,660, the average two-bedroom sales price was $1,663,847, the average three-bedroom sales price was $3,519,844 and the average for four-plus-bedroom was $14,223,148.

The first quarter 2008 co-op sales market report from Halstead Property prepared by Gregory Heym, indicated that cooperative prices averaged $1,333,431, 34 percent higher than a year ago and a new record. According to the Halstead report, the average sales price of a studio co-op in the first quarter was $414,074, the average one-bedroom sales price was $683,698, the average two-bedroom sales price was $1,511,340, the average three-bedroom sales price was $3,587,305, the average four-plus bedroom price was $12,927,751.

In the condo apartment sales market, the Prudential Douglas Elliman report found that the median sales price in the first quarter was a record $1,160,000, up 17.1 percent from the prior year quarter. Listings were up 11.1 percent to 3,325 this quarter compared to 2,994 available at this time last year, the report said. There were 1,278 condo sales in the first quarter, down 25 percent from the prior year quarter, it continued. And the average days on market expanded 25 days to 149 days in the current quarter compared the prior quarter last year. The average price for a studio in the first quarter was $653,917, the average price for a one-bedroom was $927,841, the average price for a two-bedroom was $2,218,919, the average price for a three-bedroom was $5,996,776 and the average price for a four-plus bedroom was $14,365,368.

The Halstead report found that the average sales price of a studio condo in the first quarter was $596,730, the average sales price of a one-bedroom was $917,691, the average sales price of a two-bedroom was $1,935,538, the average price of a three-bedroom was $4,428,083, and the average sales price of a four-plus bedroom was $8,889,694.

The Halstead study found that "East Side prices rose sharply in the first quarter, as luxury co-ops accounted for an increasing share of the market," adding that "This is shown in the 53 percent increase over the past year in the average price for four-bedroom and larger units, and the 30 percent gain for two-bedroom units." "On Fifth Avenue," it continued, "the median price jumped to over $10 million during the quarter," adding that "We must remember, however, that this extraordinary increase is most likely a one quarter phenomenon and not indicative of any trend."

On the West Side, closings at 15 Central Park West carried average prices to "substantially higher levels," according to the Halstead report: "this is most noticeable in the 90 percent jump in the average price of three-bedrooms over the past year. Another figure to viewed with caution is the 138 percent in the median price for sales from Columbus Avenue to east of West End Avenue, 87th to 110th Street. A good part of this rise is attributable to a significant number of closings at the Ariel West condominium, where prices are atypical for this area."
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Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
Spacious 1 Bedrooms with outdoor space and in-residence w/d View Property
Luxury Homes in Midtown | Newly Renovated Studio-2BR Homes View Property
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