The third-quarter 2007 market reports for luxury apartment sales in Manhattan released yesterday by some of the city's leading residential brokerages indicated that prices continued in general to climb.
The reports, however, cover data from before the recent sub-prime mortgage crisis, which may affect current market conditions.
According to the report from Halstead Properties, the average sale price of all luxury condominiums, including data from Northern Manhattan was $1,606,219 in the third quarter of 2007 compared to $1,160,090 in the same quarter in 2006. The report noted that the 2007 third quarter figure "was inflated by a large number of closings at high-end new developments such as 15 Central Park West and The Plaza as well as a 14 percent increase in the average size of the apartments sold from a year ago." The smallest over-the-year increase was in studio units where the 2007 third quarter average was $571,771 as compared to $577,796 in the same quarter in 2006. The largest over-the-year increase was in four-bedroom units where the 2007 third quarter average was $7,232,735 as compared to $4,794,020 in the same quarter in 2006.
The report found that the average sale price for all cooperatives in third quarter of this year was $1,055,753 compared to $955,639 in the same quarter in 2006. The smallest over-the-year increase was in studio units where the 2007 third quarter average was $387,901 compared to $365,405 for the same quarter in 2006. Four-bedroom units declined from $5,931,672 in the third quarter of this year from $6,407,317 in the same quarter in 2006.
The Halstead study noted that "listings took less time to sell in the third quarter, as their average time on the market fell 7 percent from a year ago to 86 days" and "sellers received 97.8 percent of their asking price last quarter, up slightly from the third quarter of 2006."
Downtown prices, the Halstead report continued, rose in all categories, lead by a 58 percent increase in apartments of three or more bedrooms to $3,551,669 in the third quarter 2007 prices over the same quarter in 2006.
In Northern Manhattan, the study found modest increases in all categories except for apartments with three or more bedrooms, which decreased by 6 percent.
A Prudential Douglas Elliman report found that the inventory of luxury units in Manhattan declined 31.7 percent to 5,204 apartments in the third quarter compared to 7,623 apartments in the same period last year. It also found that apartments were on the market for 123 days as compared to 150 days in the same period last year. It also noted that sales increased 65.6 percent over the 2006 third quarter.
The reports, however, cover data from before the recent sub-prime mortgage crisis, which may affect current market conditions.
According to the report from Halstead Properties, the average sale price of all luxury condominiums, including data from Northern Manhattan was $1,606,219 in the third quarter of 2007 compared to $1,160,090 in the same quarter in 2006. The report noted that the 2007 third quarter figure "was inflated by a large number of closings at high-end new developments such as 15 Central Park West and The Plaza as well as a 14 percent increase in the average size of the apartments sold from a year ago." The smallest over-the-year increase was in studio units where the 2007 third quarter average was $571,771 as compared to $577,796 in the same quarter in 2006. The largest over-the-year increase was in four-bedroom units where the 2007 third quarter average was $7,232,735 as compared to $4,794,020 in the same quarter in 2006.
The report found that the average sale price for all cooperatives in third quarter of this year was $1,055,753 compared to $955,639 in the same quarter in 2006. The smallest over-the-year increase was in studio units where the 2007 third quarter average was $387,901 compared to $365,405 for the same quarter in 2006. Four-bedroom units declined from $5,931,672 in the third quarter of this year from $6,407,317 in the same quarter in 2006.
The Halstead study noted that "listings took less time to sell in the third quarter, as their average time on the market fell 7 percent from a year ago to 86 days" and "sellers received 97.8 percent of their asking price last quarter, up slightly from the third quarter of 2006."
Downtown prices, the Halstead report continued, rose in all categories, lead by a 58 percent increase in apartments of three or more bedrooms to $3,551,669 in the third quarter 2007 prices over the same quarter in 2006.
In Northern Manhattan, the study found modest increases in all categories except for apartments with three or more bedrooms, which decreased by 6 percent.
A Prudential Douglas Elliman report found that the inventory of luxury units in Manhattan declined 31.7 percent to 5,204 apartments in the third quarter compared to 7,623 apartments in the same period last year. It also found that apartments were on the market for 123 days as compared to 150 days in the same period last year. It also noted that sales increased 65.6 percent over the 2006 third quarter.
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.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
