Manhattan Condo Historical Price Trend
Posted by Wei Min Tan on July 10, 2020
Manhattan Condo Historical Price Trend
Manhattan property (condominium) investment performance. Apartments that can be purchased individually in Manhattan are either Cooperatives or Condominiums. Condominiums are more investor friendly because they do not require board approval and allow owners to rent out as needed. As such, the price per square foot of a Condominium is about 50 percent higher than that of a Cooperative. The 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, we experienced a correction due to changes in tax law, global trade wars and increasing interest rates. 2017 – 2019 was a downturn period for Manhattan property and in Q2’2020 the Manhattan market was hit hard by the COVID-19 virus.
Read the latest Manhattan property market report
Contact: tan@castle-avenue.com
Read about Wei Min’s style in Best Manhattan property agents and Role of a buyer’s broker.
Interested in working with Wei Min?
Click here to get in touch!
Deal Example: 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.
Manhattan condo median price: Graph above shows the historical median price of a Manhattan residential condo increasing from $425,000 in 1999 to $1.7 million in 2017. During the downturn period of 2017-2019, median price declined to $1.588 million. It increased slightly to $1.686 million in Q2’2020.
Deal Example: Represented buyer client at Sixty Four Condo in the 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.
Manhattan condo number of transactions:
Graph above shows the trend for number of transactions per year, from 1999 to 2019. The peak was 7,000 transactions in 2007, the height of the market.
Deal Example: Client’s investment condo at 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. One block from World Trade Center. Client took over tenancy and property has never been vacant since purchase.
What We Do
We focus on global investors buying property in Manhattan, New York 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
Data sources: Miller Samuel Appraisers
Follow On Instagram
Related Links:
Property investment in New York
