Median prices for Manhattan condominiums jumped up 22% to $814,000 in the third quarter of 2005 compared to a year ago, according to sales reports released by the Real Estate Board of New York (REBNY).

There were mixed results for cooperatives as median prices per room for cooperatives set a record for studio/one-bedrooms jumping 24% to $173,000 per room, while overall median prices for cooperatives dipped 2% to $650,000.

The reports, the most comprehensive available for the Manhattan market, also showed that Northern Manhattan cooperatives had another record-breaking quarter with median price surges of 54% for cooperatives to $470,000, and 50% for condominiums to $349,000.

"When comparing apartment prices for both coops and condos to last year's prices, median sales prices are up 9% and averages are up 11.6%," said Steven Spinola, REBNY President.

"Clearly, condominiums led the quarter in terms of price gains. However, the dip in cooperatives can be slightly misleading as it is likely the result of a softening luxury market not necessarily the market overall; smaller apartments like studios and one-bedrooms still showed gains of 20%."

"With the still strong economy, comparatively low interest rates, a growing population, and the creation of new jobs, we think the residential market will continue to be strong in the fourth quarter of 2005 and into 2006," added Mr. Spinola.

The condominium report had the following additional findings: Manhattan: The median price per square foot for condominiums rose 26% to $1,012.

Neighborhood: The highest neighborhood median price was Downtown which climbed to $935,000, an increase of 37%.

Price Per Square Foot: The East Side median price per square foot registered the largest percentage increase at 33% to $1,013. The West Side median price per square foot of $1,051 showed an increase of 21%, the highest neighborhood price.

The cooperative report had the following additional findings:

Manhattan: Sales activity for cooperative transfers was 21% higher than a year ago. Median prices per room for cooperatives rose 11% to $195,000.

Neighborhood: West Side median price per room increased 15% to $207,000 per room and represented the highest neighborhood price.

Price Per Room: Median prices per room for two-bedroom cooperatives set a new record, rising 9% to $232,000 per room.

COPYRIGHT 2005 Hagedorn Publication
COPYRIGHT 2005 Gale Group