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1st REBNY Five Borough NYC Residential Market Report

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Real Estate Agent

REBNY Issues  New York City Wide Five-Bourough Residential Sales Report

REBNY

In a five-borough residential report released by the Real Estate Board of New York, the average price of an apartment jumped 23 percent, while each borough recorded a higher average price for one- to three-family dwellings in the last 12 months.

According to the quarterly report, the average price for New York City apartments rose 23 percent, to $745,000, in the first quarter of 2007, compared to a year earlier, while the median price for city units rose 20 percent, to $450,000.

At $1,107,000, Manhattan had the highest average, with Brooklyn second, at $441,000, and Queens third, at $257,000.

In the one- to three-family category, with a significant number outside Manhattan, the average price increased 7 percent, to $595,000, while the median rose 8 percent, to $540,000.

Manhattan came in at $3,942,000 among one- to three-family residences. Brooklyn was second at $643,000 and Queens third at $580,000.

Manhattan led in average price increase for one- to three-family dwellings, 16 percent since last year, while Brooklyn and The Bronx were each up 7 percent, Queens 4 percent and Staten Island 3 percent.

The report also found an upsurge in city apartments' average price per square foot, which rose 14 percent to $733, while the median surged 28 percent to $671.

For complete report: REBNY PRESS RELEASE

Mitchell Hall

Manhattan Real Estate

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Just think.

In our most expensive community prices rarely go above $700 a square foot and that's for detached on a couple of acres. 

Our average price is around $200 per square foot around the bestway.

Good info.

May 15, 2007 12:25 PM
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Hi Lenn,

Thanks for stopping by. Our prices are hard to believe even for brokers.

May 15, 2007 01:09 PM
Shannon Elizabeth McInerney
DesigningReality - Dumfries, VA

The prices in New York City are ridiculously high! Luckily I have been blessed with a rent controlled apartment, that I will inherit from my grandmother one day, one of the few left in the city!

It just seems even more impossible to own these days then ever before! How are families going to be able to really afford to live in nice areas of Manhattan anymore with such increasing rates!?

Thank you for posting this information!

May 16, 2007 05:54 AM
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn
Shannon, Thanks for stopping by. Hold on to that apartment
May 16, 2007 09:40 AM
Anonymous
qwest
This report is misleading
.As in Brooklyn, prices had dropped at least 5 - 10% from peak two years ago. This report more like selling ad.!!!!
Nov 08, 2007 09:54 AM
#5
Ira Freireich
Best Buyer's Broker Realty - Valley Stream, NY
EBA
I wonder what my unit is worth now? 1br tudor city hi floor corner no view of river, just manhattan
Nov 08, 2007 12:35 PM
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

qwest,

The report is data released from the real estate board of new york comparing the 1st quarter of 07 to the 1st quarter of 06. Prices came down in 06 from the peak in 05 but they were up again in 07. These figures are averages from sales city wide and each borough.

It is interesting that you are commenting today 11/08/07 because REBNY just realeased it's figures for the 3rd quarter of 07 and average sale prices are up again. Here is the latest report: 

qwest, where are you getting your data from?

 From:  Real Estate Board of New York (REBNY)

NEW YORK CITY HOME SALE PRICES JUMP

20 PERCENT IN LAST YEAR

--City's Housing Market Still Strong--

NEW YORK, November 6, 2007 - The average sale price of all homes in New York City, including condominiums, cooperatives and one- to three-family dwellings, jumped by 20 percent in the third quarter of 2007 compared to the same period one year earlier, according to the Real Estate Board of New York's (REBNY) Third Quarter Residential Sales Report.  The average sales price in the city hit $782,000.

This is the first time REBNY's report includes a category for all-homes in New York City and makes possible comparisons of New York residential sale prices with other cities around the nation.  

Manhattan led the city's boroughs with its sale price for all home types reaching $1.33 million, up 17 percent in the third quarter versus a year earlier.  Brooklyn's average sale price was up by eight percent to $621,000 and Queens' average sale price increased by six percent to $503,000.

The average sales price for cooperative and condominium apartments in the city in the third quarter was up 23 percent to $888,000 over the same quarter in 2006.  Manhattan again led the way, recording an average price of $1.265 million, up 16 percent from a year ago, and Brooklyn posted an increase of 19 percent with an average sale price for the third quarter of $525,000.

Prices for one- to three-family dwellings across the city in the third quarter rose 10 percent to $654,000 compared to the same period last year.  Brooklyn posted an 11-percent increase to $705,000, while the average sale price in Queens rose six percent to $606,000.

Among the report's other highlights:

Condominiums

  • New York City's average condominium sales price rose 25 percent in the third quarter of 2007 to $1.097 million compared to the same period last year.
  • Manhattan led all boroughs with the highest average condominium sales price in the third quarter of 2007, $1.455 million, and percentage increase, 25 percent, compared to a year ago.
  • Brooklyn had the second highest average condominium sales price in the third quarter of 2007, $613,000, a five percent increase compared to last year.
  • Queens had the second highest average percentage condominium sales price increase in the third quarter of 2007, up 22 percent to $453,000, compared to last year.

 Cooperatives

  • New York City's average cooperative sales price in the third quarter of 2007 was $633,000, a one percent increase compared to the same period last year.
  • The Bronx led all boroughs with an average cooperative percentage sales price increase in the third quarter of 2007 of 11 percent to $243,000, compared to a year ago.
  • Brooklyn registered an average cooperative percentage sales price increase in the third quarter of 2007, up six percent, to $382,000, compared to last year.

About REBNY

The Real Estate Board of New York is the city's leading real estate trade association with more than 12,000 members.  REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city's real estate.  REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation.  In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors.

Nov 08, 2007 02:02 PM
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Hi Ira,

 Here is a listing from Tudor City on a high floor. The 1 Bedrooms are around $500K - $600K each building is a little different with slightly different square footage and maintenance.

45 Tudor City Place, Apt. 1710

OLR ID: 448866 

Financials
Price:

$515,000

Maintenance:

$1,038

Financing:

80%

Tax Deductibility:

60%

Shares:

N/A

Flip Tax:

$5.00 per share.

Listing Type:

Exclusive

 


Details
Size:

One Bedroom

Ownership:

Co-op

R/B/B:

3/1/1

Neighborhood:

Tudor City

SF:

N/A

Source:

OLR [Public Source]

Listed:

8/24/2007

Updated:

11/8/2007

Status:

Contract Signed

On Market:

10 Weeks


Apartment Features
Kitchen: Total Renovation; Corner Apartment;

Exposure / View
City; Open

Building Description
Cross Streets: East 42nd Street and East 43rd Street.
Full Service; Elevator; Pre-war; Built 1929. Converted to Co-operative in 1988; High-rise; 25 Floors; 403 Apartments.

Building Amenities
Bicycle Room; Fitness Room; Laundry Room; Rooftop Deck; Common Storage Room;

Building Policy
Pied-A-Terres Allowed. No Dogs. Sublets Allowed.

Broker Summary

  • This bright and happy corner one bedroom apartment has a brand new kitchen to go with commanding open city views including the Chrysler building. Heat and electricity are included in maint. charges. Tudor city is a lovely enclave in the center of Manhattan famous for its park and garden. Peace and quiet and full services are yours at an unheard of price in today's real estate market.
Nov 08, 2007 02:18 PM