Manhattan Condo Historical Price Trend
Posted by Wei Min Tan on January 3, 2019
Manhattan Condo Historical Price Trend
Manhattan property (condo) investment performance. Using data published by Miller Samuel and the Elliman Report, below are graphs for Manhattan residential condominiums for price per square foot, median price and sales volume.
Manhattan condo average price per square foot: Graph above shows historical appreciation trend of Manhattan residential condominiums in terms of average price per square foot. In 1999, the average price per square foot was $480. Prices increased through 2008, then declined in 2009 and 2010 because of the U.S. recession. From 2008 to 2010, the decline was about 15 percent, when rest of the country went down by 35 percent.
After the recovery, price continued increasing until 2017. Then in 2018, prices flattened and had a correction because of changes in tax law, global trade wars and increasing interest rates.
A Buyer’s Broker For Manhattan Condominiums
Manhattan condo median price:
Graph shows the historical median price of a Manhattan residential condo increasing from $425,000 in 1999 to $1.7 million in 2017, declining to $1.479 million in Q4’2018.
Manhattan condo number of transactions:
Graph above shows the trend for number of transactions per year, from 1999 to 2018. The peak was 7,000 transactions in 2007, the height of the market.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
Deal Examples
1) 305 E 51 St, Halcyon. Buyer client reserved property at pre-construction stage. Completed 2 years later and rented out to high quality tenants since then. Property is close to the United Nations, Citigroup Center, Blackstone, Blackrock, Chase Bank.
2) Sixty Four Condo, Upper East Side. Top amenity building in the 60s with an amazing roof deck (pictured), which is a WOW factor for tenants. The new Q subway train extension benefited property value in the area. This was a new development and reserved at the pre-construction stage.
3) 88 Greenwich, 35th floor waterview one bedroom apartment facing south. A high floor, south facing, water view is the most desirable view in Manhattan. While most water view apartments are located further from the subway, this building has a subway station right in front of it.
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Wei Min Tan is a Manhattan, New York property broker focusing on global investors. He has been interviewed by CNBC, CNN, New York Times and The Wall Street Journal on the subject of investing in Manhattan property. Wei Min can be reached at tan@castle-avenue.com
Related Links:
Property investment in New York
