Bidding wars in the 1st Quarter of 2010 - Two Bedrooms in Demand
Buyers are buying because they need a place to call home, and not for investment purposes.
RESALE: UPPER WEST SIDE
West Side co-ops had solid median price increases versus last quarter, including a 17% climb in two-bedroom median price.
Compared to last year, all bedroom categories are down in median price, except two-bedrooms. But with more sales of larger apartments, overall median price still increased 11%. Resale condos increased 4% in median price from a year ago, but decreased 4% in average price per square foot, now $1,381. Versus Fourth Quarter 2009, resale condos increased in median price by 7%, to $1.018 million, and increased 2% in average price per square foot.
NEW DEVELOPMENTS: UPPER WEST SIDE
The West Side new development market saw declines of 26% in median price and 25% in average price per square foot from First Quarter 2009. The median price of a West Side new development was $1.39 million while average price per square foot was $1,212, a 21% and 7% decrease from Fourth Quarter 2009, respectively.
Every bedroom type decreased in median price from a year ago. The Rushmore 80 Riverside Boulevard accounted for two-thirds of West Side new development closings this quarter.
The window for buyers to act on their advantage may be short-lived. Market activity is significantly higher in 2010's First Quarter than it was in 2009, and we are seeing an increase in property coming on to the market.
I will be tracking this closely over the spring and summer months, and would welcome the opportunity to answer any questions about the report or the market generally.
Download the complete Manhattan Market Report: The Corcoran Report: Q1 2010 (.pdf)
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