Manhattan, N.Y.
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Manhattan residential real estate prices climbed overall in
the fourth quarter compared to the same quarter last year, several major
brokerage companies reported this week. Halstead Property, Brown Harris
Stevens, The Corcoran Group and Prudential Douglas Elliman released reports
detailing condo and co-op sales and pricing activity for the fourth quarter.
The sales data used by some companies was in some cases
skewed higher in the fourth quarter when compared to fourth-quarter 2005
because of a new source of public data on co-op sales that became available
earlier this year.
Miller Samuel Inc., a residential appraisal company that
prepared the quarterly report for Prudential Douglas Elliman, reported that the
average sales price for Manhattan co-op and condos in the fourth quarter grew
3.2 percent compared to fourth-quarter 2005 and the median sale price was up
5.1 percent.
Meanwhile, the average price per square foot declined 0.4
percent, days on market from the last list date increased 9.1 percent and the
listing inventory shrank 0.5 percent when compared to the same quarter last
year. The report is based on data from 2,441 sales in the fourth quarter.
The average sale price of co-ops grew 2.7 percent in the
fourth quarter compared to fourth-quarter 2005 and the median sale price was
flat. The average price per square foot fell 4 percent and days on market
increased 6 percent compared to fourth-quarter 2005, Miller Samuel also
reported.
The average sale price of Manhattan condos rose 7.5 percent;
the median sale price was up 14.4 percent; the average price per square foot
was up 6.5 percent; sales grew 36.1 percent; and days on market increased 14.9
percent compared to fourth-quarter 2005, according to the report.
The average sale price of Manhattan condos increased 52.3
percent among three-bedroom condos but dropped 26.6 percent among condos with
four or more bedrooms in the fourth quarter compared to the same quarter last
year -- there were price increases between 4.2 percent and 7.2 percent for
condos with fewer bedrooms.
The average sale price of lofts rose 11.9 percent while the
median sale price dropped 5.4 percent in the fourth quarter compared to
fourth-quarter 2005, according to the report. The average price per square foot
grew 15.8 percent and the days on market from last list date rose 19.8 percent
for lofts compared to the same quarter last year.
The price per square foot paid for co-ops and condos flew up
19.7 percent in the fourth quarter compared to fourth-quarter 2005 in
Manhattan's Uptown area, while climbing 4.2 percent in the downtown area, and
falling 3.1 percent in the east area and 1.1 percent in the west area of
Manhattan.
 Dottie Herman, Prudential Douglas Elliman
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Dottie Herman, CEO of Prudential Douglas Elliman, said the
company had a better year in 2006 than in 2005. "All of the arrows are up
as far as New York City goes. It's a balanced market -- it's not overheated.
It's healthy and it's strong. For me it was a better year, despite everything
everybody was saying."
While some real estate markets in other parts of the country
had a rough year in 2006, Herman said, "I think New York City never had
that experience." There are still bidding wars for some properties in New
York, she said, though not for every property. Herman also said she expects
2007 will be another good year for New York real estate, as interest rates are
still relatively low.
The report by Brown Harris Stevens noted that the median
price for Manhattan apartments reached a record-high $760,000 in the fourth
quarter, up 9 percent compared to fourth-quarter 2005, while the average price
rose 5 percent to $1.14 million.
The Brown Harris Stevens report also noted "sharp increases"
in the prices for larger apartments. The average sale price of Manhattan co-ops
jumped 58.9 percent, from $3.89 million in fourth-quarter 2005 to $6.18 million
in fourth-quarter 2006. Meanwhile, that report showed lesser price increases
for other co-op sizes and a 2 percent drop in the average price of two-bedroom
co-ops.
The average sale price of condos fell slightly from $1.33
million in fourth-quarter 2005 to $1.32 million in fourth-quarter 2006, while
the average sale price and average price per square foot dropped slightly for
two-bedroom condos and rose for other condo sizes, according to the report.
Halstead Property, in its fourth-quarter report, notes that
number of new studio listings grew 63 percent in the downtown area from
fourth-quarter 2005 to fourth-quarter 2006 while shrinking 29 percent in the
West Side area of Manhattan. The number of new listings of properties with four
or more bedrooms climbed 37 percent in the West Side area and fell 19 percent
in the East Side area from fourth-quarter 2005 to fourth-quarter 2006,
according to data provided by ValuExchange in the Halstead report.
Economist Gregory Heym prepared the Halstead and Brown
Harris Stevens reports.
In a separate report, The Corcoran Group reported an overall
average sale price increase of 8 percent, a median sale price increase of 11
percent, and a rise in price per square foot of 8 percent for Manhattan condos
and co-ops in the fourth quarter of 2006 compared to fourth-quarter 2005. And
for Brooklyn, the average sale price and median sale price increased 10 percent
in 2006 compared to 2005.
Corcoran's Manhattan data is based on 2,406 deals, with data
collected by the company and by real estate appraisal company Mitchell, Maxwell
& Jackson.
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