Manhattan Apartment Market Continues to Stabilize—slowly

January 04, 2011 / Russell Legato, Residential Property Analyst

The average value of a Manhattan apartment has picked-up during the last quarter of 2010, according to data recorded by a key real estate brokerage, which means that the housing market in the city is recovering—slowly. One of the major factors the real estate experts look at as signs for development is the median sales price.

Manhattan Apartment Market Continues to Stabilize—slowly

During the last quarter, a four percent increase or about $845,000 from $825,000 is recorded from the previous year for Manhattan apartment, which represent 3 percent to 11 percent increase from the similar period in 2009.

The figures suggest that prices are climbing, according to an independent appraiser from Miller Samuel, Jonathan Miller, larger and much more expensive (high-end) Manhattan apartment are sold, while fewer studio-type and one-bedroom apartment unit transactions are closed.

Miller also said the stabilization of Manhattan apartment market happened even with inadequate access to high unemployment and credit opportunities.

But, according to Miller the inadequate access to credit opportunities and high unemployment will hinder full recovery in Manhattan real estate market.

The figure of sales in the luxury market for Manhattan apartment is about $10 million and has peaked at 55 in 2008, which went down to 18 during the final quarter of 2009, but climbed to 25 during the third and the fourth quarter of 2010.

Average price for apartments in Manhattan ranges from $1.37 million to $1.48 million, about 14.4 percent higher than the figures in 2009, but it’s far from the 2008 peak when median sales price for Manhattan apartment was close to $1 million.

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