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Average price in Manhattan tops $1.2 million

By Ilaina Jonas
REUTERS

April 10, 2005

NEW YORK – The average sale price for a Manhattan apartment topped $1.2 million in the first quarter, a record, as the supply of properties for sale shrunk, according to the Prudential Douglas Elliman Manhattan Market Overview.

The average sale price rose to $1.21 million – up 23 percent from the final quarter of 2004 and up 26 percent from a year ago.


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In the condominium sector, the average sale price jumped to $1.55 million – exceeding $1.5 million for the first time – and surging 34 percent from 2004's fourth quarter, the report said. The average condo sale price went up 22 percent from the year-ago first quarter.

For Manhattan's entire apartment market, the average price per square foot climbed to $910 – topping $900 a square foot for the first time. That's up 16.7 percent from the fourth quarter of 2004. It's a gain of 28 percent from a year earlier.

"Improving economic conditions, a tight housing supply, rising incomes and the widely held expectation of rising mortgage rates in the near future caused housing prices to surge this quarter," the report said.

It was the first time the quarterly report included Manhattan markets above 116th Street on the West Side and above 96th Street on the East Side.

The median sale price – the point where half the sales are higher and half are lower – climbed to $705,000. That's up 16.5 percent from the previous quarter and up 18.5 percent from a year ago.

The volume of apartment sales fell to 2,028 units – down 6.2 percent from the previous quarter and down 5.8 percent from a year ago, according to the report.

Limited supply kept sales volume in check.

The average sale price of a cooperative apartment, where an owner holds shares in the building and does not own the individual unit, rose to $988,746. That's up 15.5 percent from the previous quarter.
 

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Here come some more worthless articles about a few select neighbohoods from Londonlunatic. :eek2: :runaway:

This guy is from a nothing, dull little town, and he thinks downtown Chicago is hickland. :bash:
 

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LA1 said:
Here come some more worthless articles about a few select neighbohoods from Londonlunatic. :eek2: :runaway:

This guy is from a nothing, dull little town, and he thinks downtown Chicago is hickland. :bash:
Actually, retard, I lived in Manhattan and London. Then again, you must be one of the fools who thinks that Chicago is as good as (or better than) NY, Paris and London!! Silly chap (and moronic and psycho too)!
 

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I could care less. You live in Scarsdale now and no city makes downtown Chicago a hicktown. Thats insane if you think so.
 

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LA1 said:
^Oh God...not again. This loser is comical.

yeah, this londonlawyer/mikehunt goon is bound to appear like a venereal wart on a tenderloin hooker in every real estate thread..... and what it fails to understand and ackowledge is that the SF METRO is the most expensive housing market in the country. nobody ever disputed that manhattan county (alone) is the most expensive major county in the nation but somehow this goon feels the need to express this.

venereal wart, go away!
 

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sean storm said:
yeah, this londonlawyer/mikehunt goon is bound to appear like a venereal wart on a tenderloin hooker in every real estate thread..... and what it fails to understand and ackowledge is that the SF METRO is the most expensive housing market in the country. nobody ever disputed that manhattan county (alone) is the most expensive major county in the nation but somehow this goon feels the need to express this.

venereal wart, go away!
Absolute classic. The king of all metro grandstanding blowhards criticizing someone else for doing the same thing. The only problem sean is that Mike Hunt actually has a leg to stand on. Truth be known SF,Chicago and Boston combined would have a tough time matching up with New York.
 

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I found out why the most expensive housing markets in the United States is Bogous.

LA on the list includes its suburbs. So do NYC and many other cities. Yet, Chicago's suburbs is not include. Notice how.

Gary/Hammond is sperate(btw good for them to be higher than Chicago itself in percentage increase) so is Aurora/Elgin, Lake County.

Those suburbs are part of the metro of Chicago. They are not included to make Chicago's numbers go down.
 

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sean storm said:
yeah, this londonlawyer/mikehunt goon is bound to appear like a venereal wart on a tenderloin hooker in every real estate thread..... and what it fails to understand and ackowledge is that the SF METRO is the most expensive housing market in the country. nobody ever disputed that manhattan county (alone) is the most expensive major county in the nation but somehow this goon feels the need to express this.

venereal wart, go away!
Hi, Sean. Why must you be rude? The point that I have always raised when people cite these absurd figures stating that NY's median and/or average housing price is $350 to $400K is that those figures are blatantly wrong. The price of a house in all 5 boroughs is much higher. In Long Island and NJ, the average price of a house in well over $500k, and in Westchester and Connecticut it's over $800k.

As I have said repeatedly, the erroneous figures that are always cited by non-New Yorkers do not define "NY metro". They may very well include areas 120 miles from NYC (incl. rural Pa).

I live here. I know the prices.... I don't claim to be an authority on California prices, but when people cite these absurdly low and grossly inaccurate prices for NY, I know that they are wrong. If people who are not from here feel offended because someone with knowledge knows otherwise, then, what can I say?

Lastly, I reiterate that I do not intiate attacks or rude comments on others. However, when attacked, like by that mornonic psycho LA21st, I hit back. I prefer to keep things civil, however, and urge you to do the same. What's to be gained from being rude?
 

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I attack you, because I remember you insane claims about NY real estate from other forums. It never ends with you, and you are the most insecure poster by far. You continue to say CNN is wrong, or Realtor.com is wrong (which showed condos below $500 G on the UES) or Forbes because they don't back your stupid claims.

Then you post articles about select neighborhoods, like they represent the entire city. You are nuts. There are millions of poor people in NYC, articles about downtown Brooklyn or the UES have nothing to do with them.
 

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Cruces1 said:
Absolute classic. The king of all metro grandstanding blowhards criticizing someone else for doing the same thing. The only problem sean is that Mike Hunt actually has a leg to stand on. Truth be known SF,Chicago and Boston combined would have a tough time matching up with New York.
Look at the CNN report. Look at any housing report. SF Metro is by far the most expensive, and LA and SD metros are more expensive than LI and New Jersey, anything that is not Manhattan.
 

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This cracks me up. Having the most expensive housing isn't such a good thing.

Rockford's average is like 130,000. To me, that is a very good thing.
 

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LA1 said:
I attack you, because I remember you insane claims about NY real estate from other forums. It never ends with you, and you are the most insecure poster by far. You continue to say CNN is wrong, or Realtor.com is wrong (which showed condos below $500 G on the UES) or Forbes because they don't back your stupid claims.

Then you post articles about select neighborhoods, like they represent the entire city. You are nuts. There are millions of poor people in NYC, articles about downtown Brooklyn or the UES have nothing to do with them.
You really are retarded (and an ignorant, unsophisticated hick)!

PS: Hick, the apt. you posted from realtor.com (which was one of the few in that price range) means nothing. The average one bedroom in Manhattan is about $800k.

This is $299k one bedroom in SF is from realtor.com too, moron:


1450 Post St Unit: 310
San Francisco, CA 94109
MLS ID#: 278306
$299,000
1 Bed, 1 Bath


Estimated payment:
$1,343 Per Month*
Change Assumptions
Check Local Rates


Map & Directions
Save This Listing
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Two units sold together, #310 & 311 (combined square feet of 760) at the Carlisle, minimum age 62. Monthly dues are $3,100 a month, which include 24-hr staff, restaurant-style dining, maid service, health services, utilities, cable TV, and lots more. Vacant and very easy to show. Probate subject to court.
 

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Look, you crazy ass freak, you said you can't get a 1 Brm in the UES for less than $737,000. There were some 30-35 listings from that SITE ALONE under that price. You didn't say average...you said it couldn't be done period.

Here is your insane quote about the Forbes article.
"Yourzipcode figures are retarded. You can't get a one bedroom apartment on the UES for $727,000, you moronic farmboy."


Now get back to your boring lifeless little shithole called Scarsdale with the rest of the ********.
 

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LA1 said:
Look, you crazy ass freak, you said you can't get a 1 Brm in the UES for less than $737,000. There were some 30-35 listings from that SITE ALONE under that price. You didn't say average...you said it couldn't be done period.

Here is your insane quote about the Forbes article.
"Yourzipcode figures are retarded. You can't get a one bedroom apartment on the UES for $727,000, you moronic farmboy."


Now get back to your boring lifeless little shithole called Scarsdale with the rest of the ********.
I no longer have anything to say to you, you moronic hick!
 
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