New York Apartment Prices Q3, 2019
Posted by Wei Min Tan on October 30, 2019
New York property report: Q3’2019 Manhattan condo market
According to the Miller Samuel/Elliman Report, Q3 sales volume of Manhattan condos decreased by 18 percent, marking the continued weakness of the Manhattan property market.
Median price of a Manhattan condo at $1.49 million was down 7.4 percent while listing inventory at 3,700 units increased for the eighth straight quarter.
Price per square foot was $1,952, up 2 percent from a year ago. Average price was $2.36 million, down 11 percent vs year ago.
Deal Example: Investor client’s condo at 200 Chambers Street, luxury building in Tribeca with premium price and rents. Purchased at approx $1.5 million. The low carrying costs and high demand make this a good investment. Located next to Whole Foods, World Trade Center, Goldman Sachs headquarters. This apartment faces the building’s zen garden and comes with a washer/dryer within the apartment.
New York (Manhattan) Q3, 2019 Condo:
Average price $2.36m (-11.1% vs prior year)
Avg price per SF $1,952 (+2.0%)
Transactions 1,077 (-18.3%)
Days on market 95 (-12.8%)
Deal Example: Client purchased this unit at 88 Greenwich Street. 17th floor with double height ceiling and water views. One block from World Trade Center means strong appreciation potential. There are 4 new residential condos coming up in the area, all with much higher prices per square foot. The areas is transforming and 88 Greenwich will benefit from it.
Residential Rents Sept 2019:
Average Rent $4,336 (+4.0% vs prior year)
Rent per sqft $70.36 (+4.8%)
The luxury property market, defined by Miller Samuel as the top 10 percent of sales.
Median price $4.79m (-17.3%)
Avg price per SF $2,554 (+0.9%)
Transactions 261 (-12.7%)
Days on market 127 (+1.6%)
Data Source: Miller Samuel and Elliman Report
Article updated Oct 30, 2019
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