Manhattan’s residential market yielded 271 market-rate sales in February, a 28 percent decrease from a month ago. Transaction volume capped at $502 million, down 17% from $604 million in the first month of the year. The average sale price increased 16% in February, from $1,601,409 to $1,853,732. The average square footage peaked at 1,370, seeing an 8% increase from 1,271 in last month. The average price per square foot, at $1,222 in February, increased 7% from $1,147 in January.
| |
Feb 2009 |
Jan 2009 |
Feb 2010 |
1 year
change |
1 month
change |
| Total Sales |
262 |
377 |
271 |
+3% |
-28% |
| Volume |
$438 mil |
$604 mil |
$502 mil |
+15% |
-17% |
| Avg Price |
$1,673,068 |
$1,601,409 |
$1,853,732 |
+11% |
+16% |
| Avg sf |
1,216 sf |
1,271 sf |
1,370 sf |
+13% |
+8% |
| Avg $/sf |
$1,250 |
$1,147 |
$1,222 |
-2% |
+7% |
Manhattan's luxury condominiums are currently seeing a far greater number of foreclosures than the outer boroughs, and the excessive amount of time properties spend on the market has far from dissipated. Nearly 1 in every 13 homes is in pre-foreclosure, according to The Real Deal. Considering the potential for an aggravated national foreclosure crisis, just as media reports declare an improving economy, the Obama administration has created a short-sale program available April 5. The program will offer homeowners $1,500 to sell their homes for less than the balance of the mortgage. Nationwide, more than five million homes are distressed and at risk for foreclosure, according to The New York Times. Some luxury condo boards are renting out common spaces, such as roof decks and entertainment areas, to reduce common charges and gain a potential profit. However, first-time buyers in the New York area seeking more moderate offerings, for example, will find 30-year affordable housing loans offered at 4.75% by the State of New York Mortgage Agency.
Feb 2010
Currently seeing a rise in buyer activity, and receiving Manhattan's largest market share in February, were properties south of 14th Street with 68 sales. Midtown West received 55 sales; Upper West Side, 51 sales; Upper East Side, 41; Midtown East, 37; and, properties north of 96th Street received 19 sales. Seeing the most sales by bedroom in February were two-bedrooms with 97 sales; one-bedrooms, 86; three-bedrooms, 36; studios, 23; and units with four-bedrooms or more received 29 sales.