another datapoint, this one from Radar Logic: http://www.crainsnewyork.com/article/20100802/REAL_ESTATE/100809988 Despite what many Manhattan brokers are saying, the future of the borough's residential real estate market is still cloudy, according to a report released Monday by Radar Logic. The research firm's Residential Property Index for May reveals that the average Manhattan condominium price... [more]
another datapoint, this one from Radar Logic:
http://www.crainsnewyork.com/article/20100802/REAL_ESTATE/100809988
Despite what many Manhattan brokers are saying, the future of the borough's residential real estate market is still cloudy, according to a report released Monday by Radar Logic.
The research firm's Residential Property Index for May reveals that the average Manhattan condominium price rose a mere 6.7% in May 2010, to $1,017.49 per square foot, from $953.64 per square foot during the hugely depressed year-earlier period. In addition, month-to-month growth in condo prices in May 2010 was negligible—up 0.1% in May from April.
“May 2009 was really dismal, so the comparison on a relative basis looks okay,” said Radar Logic Chief Executive Michael Feder. “Transaction activity and prices are up, but Manhattan is still operating below its 10-year average and still well below the housing boom."
Condo prices, for example, are still an average of 16% below their late-2008 peak.
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Response by w67thstreet
about 16 years ago
Posts: 9003
Member since: Dec 2008
"Despite what many Manhattan brokers are saying" - they remind me of girl cheerleaders, who's team is down 35 points with 2 minutes to go, except they wear ill fitting uniforms, can't kick as high and it would be a travesty of good taste to look at their underwear....
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Response by Truth
about 16 years ago
Posts: 5641
Member since: Dec 2009
somewhereelse:
I'm tellin' ya, some guy in my building won't drop his price.
Put it back on the market beginning of June, for the second time in a year. He really needs to move, he's living there in a one-bedroom. He put up a wall, closed off the dinette area. Calling it a "True 2-bedroom".
His 2 kids (toddlers) sleep in there. Access only through the kitchen.
He and his wife both work, professionals, mach a nice lieben.
If he would just drop his asking ,to somewhere slightly above his purchase price in 2005, he would sell it. But, he wants to make 100k-150k!
Instead, he just spent more money on it, renovating the already renovated bathroom. New Kohler faucets and new tiles.
For cryin'out loud! Lol, flmom, lmnop, PTA, IRS, ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ!!
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Response by JuiceMan
about 16 years ago
Posts: 3578
Member since: Aug 2007
Can we get the entire industry to convert to median price per sqft as a benchmark? It's the best measure out there without owning a database. Tired of hearing about averages and medians.
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Response by somewhereelse
about 16 years ago
Posts: 7435
Member since: Oct 2009
Juice, overall or by size?
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Response by 84thstreetrenter
about 16 years ago
Posts: 1
Member since: Mar 2010
Hey Truth - any ballpark idea where you live? I think I've looked at this apartment. The description sounds right on.
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Response by JuiceMan
about 16 years ago
Posts: 3578
Member since: Aug 2007
swe, both would be nice. The best data I have seen is what you posted from Miller Samuel but it still misses the mark (slightly). Average ppsqft and median price by segment is oh so close! If they included median ppsqft, we would be much closer to realistic comp conversation that is less (but not totally) dependant on mix, sales volume, and outliers. Interestingly, streeteasy has always included this measure when searching sales.
That said, geniuses from the media will continue to use average price and data from Wayne, NJ to make market proclamations which we can joyfully discredit.
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Response by Truth
about 16 years ago
Posts: 5641
Member since: Dec 2009
84thstreetrenter: East Midtown, Northern border. Ridiculous.
"Despite what many Manhattan brokers are saying" - they remind me of girl cheerleaders, who's team is down 35 points with 2 minutes to go, except they wear ill fitting uniforms, can't kick as high and it would be a travesty of good taste to look at their underwear....
somewhereelse:
I'm tellin' ya, some guy in my building won't drop his price.
Put it back on the market beginning of June, for the second time in a year. He really needs to move, he's living there in a one-bedroom. He put up a wall, closed off the dinette area. Calling it a "True 2-bedroom".
His 2 kids (toddlers) sleep in there. Access only through the kitchen.
He and his wife both work, professionals, mach a nice lieben.
If he would just drop his asking ,to somewhere slightly above his purchase price in 2005, he would sell it. But, he wants to make 100k-150k!
Instead, he just spent more money on it, renovating the already renovated bathroom. New Kohler faucets and new tiles.
For cryin'out loud! Lol, flmom, lmnop, PTA, IRS, ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ!!
Can we get the entire industry to convert to median price per sqft as a benchmark? It's the best measure out there without owning a database. Tired of hearing about averages and medians.
Juice, overall or by size?
Hey Truth - any ballpark idea where you live? I think I've looked at this apartment. The description sounds right on.
swe, both would be nice. The best data I have seen is what you posted from Miller Samuel but it still misses the mark (slightly). Average ppsqft and median price by segment is oh so close! If they included median ppsqft, we would be much closer to realistic comp conversation that is less (but not totally) dependant on mix, sales volume, and outliers. Interestingly, streeteasy has always included this measure when searching sales.
That said, geniuses from the media will continue to use average price and data from Wayne, NJ to make market proclamations which we can joyfully discredit.
84thstreetrenter: East Midtown, Northern border. Ridiculous.
juice, agreed.