REBNY Report Shows NY Condos and Co-op prices still rising

December 7, 2006

The Manhattan Residential Sales Report is compiled by REBNY through confidential surveys provided by the city’s major residential brokerage firms. Individual brokers submit data and REBNY publishes its findings in an effort to help buyers and sellers determine current fair market values.

The report indicated that northern Manhattan condo prices were up 60 percent to $558,000 and those condos on the east side jump 45 percent to about $1.4 million. The report also showed cooperatives’ median sales prices on the east side rose 13 percent to $865,000 and downtown co-op units rose 20 percent to $662,000.

The median price-per-square-foot for Manhattan condominiums rose one percent to $1,022. Median prices of condos between 851 and 1,000 square feet rose by 10.6 percent, and units between 1,001 and 1,500 square feet increased by 5.5 percent. However, median sales prices of units between 1,801 and 2,000 square feet fell 6.7 percent and units 2,001 square feet and larger dropped by 8.7 percent.

Source: Multi Housing News