Real estate firm Douglas Elliman has released an in depth record,called the Manhattan Decade,of sales prices of real estate neighborhood by neighborhood. Put together by New York appraisal firm Miller Samuel,Elliman’s report might have property owners wishing they knew then what they now know thanks to the report.
As the saying goes, if we had to do it all over again, in this case buying that real estate, we would probably buy downtown. According to Elliman’s that is where prices have shown a brisk acceleration. This upswing in price includes both condos and co-ops with a 57% gain for the later and 60.5% gain for the former. The reports followed prices for the decade that began in 2004 and ended in December. Consider this: in 2004 the average sale price for a co-op downtown was $644,493. Today that figure has risen to just over $1 million. When it comes to condos in the downtown area, the increase is almost double, from $1.3 million to nearly $2.1 million.
The report found that downtown buyers still paid more ten years ago than buyers who bought in Uptown Manhattan, north of West 116th Street and East 96th Street, stretching from river to river and to the tip of the island.The report revealed that the average price this year is $505,435, 40% higher than what buyers paid in 2004.
Further study revealed that co-ops in the city’s historically tony East Side, specifically between 96th street and 42nd Street, east of Sixth Avenue, have only risen 30.06% during the decade of study. Condos in this same area appreciated a shocking 71.1%. Elliman’s report also found that co-ops on the West Side, situated between 116th St. and 34th St. and west of Sixty Avenue, increased 25.9% during the ten year period while condos in that very same area appreciated 39.9%.
Contrary to what many may believe, the report also uncovered that the city’s real estate values have ridden the rough waves of the economic downturn well, proving resilient during numerous dips and turns that include the attacks on 9/11 and banking and credit collapse. The real estate market has put itself back together and moved forward beautifully.
The report points out how much sales are jumping year over year by each individual neighborhood.
Though the report showed only modest gains of 2.4% for apartments in Manhattan, the upswing in the market is reflected in the fact that Manhattan had the second-highest number of sales in 25 years.The only other year that experienced higher sales was in 2007. Also pointed out in the report was that inventory was at its lowest point in 2013 that it’s been in fourteen years. Townhomes and apartments grew at about the same rate over the decade, after townhomes had been the fastest moving market in seventeen years.
If you’re bemoaning that property that you failed to buy ten years ago, take heart. With the resiliency that the real estate market has shown, opportunities for that perfect purchase are there for the buying. Take advantage today, before the next Manhattan Decade report releases and you find yourself wishing you’d done so in 2014.
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