New York, NY -- According to the fourth quarter Manhattan residential market report released today by Brown Harris Stevens, the average Manhattan apartment sale price of $1,391,745 was down slightly from the last quarter and down just 3% from same period in 2010.
A leading factor in the lower average price was a steep decline in condo sales, which accounted for 40% of all sales, compared to 46% in 2010’s fourth quarter.
Condos typically sell for more than co-ops and when they comprise a smaller share of sales, the overall average apartment price will be driven lower. The average price for cooperatives sold during the fourth quarter of 2011 was on par with a year ago, at $1,149,203.
The average condominium price was $1,825,728, up 4% from a year ago with most size categories seeing an increase in price. There were 1,645 fourth quarter closings reported at the time of this report, 13% less than a year ago.
“A key factor in the decrease in closing in the fourth quarter, was the threatened expiration of the Bush tax cuts which led many high-end owners to sell before 2010 ended,” said Hall. F. Willkie (top right photo), president of Brown Harris Stevens Residential Sales.
“New York City’s recovery remains well ahead of schedule. This combined with a relatively low rate of available apartments has led the Manhattan market to continue to outperform the rest of the nation.”
The average price for three-bedroom and larger co-ops rose 18% over the past year, all other size categories of co-ops saw their average price decline during this time.
Helped by three closings for more than $20 million, the average price for three-bedroom and larger apartments on the East Side rose 42% compared to 2010’s fourth quarter.
Sales at The Laureate (middle right photo) once again impacted average sales prices on the West Side. The average price per square foot for condos jumped 20% over the past year to $1,571.
In the Downtown market, the average condo price per square foot rose 5% over the past year to $1,257. Co-op prices declined, with the average price per room 8% lower for prewar and 4% lower for postwar apartments.
Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services in New York. The company has offices throughout New York City, the Hamptons, and Palm Beach.
Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s International PLC, the world’s oldest fine arts auctioneer.
For more information, please visit http://www.brownharrisstevens.com/.
Contact:
Jennifer Little
Rubenstein Public Relations
212.843.8364
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