Wednesday, October 3, 2007
Tribeca homes jump 36% in third quarter 2007
Third quarter 2007 sales numbers were released a couple of days ago by all of the major NYC brokerages including The Corcoran Group, and the results showed very clearly that the Manhattan real estate market was still red hot. The news was released almost simultaneously as the Stock Market peaked at a new all time high, shaking off the uncertainty caused by the sub-prime mortgage jitters, as the damage is increasingly seen on Wall Street as being manageable. I'll be posting the entire Q3 Corcoran Report on the market as soon as the downloadable versions are ready, but I'd like to take a moment to look at the downtown numbers and particularly those of my own neighborhood of Tribeca.
third quarter sales 2007 vs. 2006
category |
average sale |
median sale |
per sq. ft. |
closed deals |
|---|---|---|---|---|
market-wide |
||||
2007 |
$1,414,000 |
$895,000 |
$1104 |
3588 |
2006 |
$1,236,000 |
$849,000 |
$1047 |
2996 |
change |
14% |
5% |
5% |
20% |
downtown |
||||
2007 |
$1,110,000 |
$715,000 |
$1,096 |
277 |
2006 |
$928,000 |
$675,000 |
$964 |
607 |
change |
20% |
6% |
14% |
-54% |
lofts |
||||
2007 |
$2,502,000 |
$2,089,000 |
$1,209 |
286 |
2006 |
$1,620,000 |
$1,395,000 |
$1,175 |
456 |
change |
54% |
50% |
3% |
-37% |
Tribeca |
||||
2007 |
$2,286,000 |
$2,300,000 |
$1,243 |
71 |
2006 |
$1,843,000 |
$1,695,000 |
$1,353 |
213 |
change |
25% |
36% |
-8% |
-67% |
Corcoran reported that the median selling price of a home in Tribeca, that's the price most people paid for a home, was $2.3 million, up 36% over Q3 2006; the average sale price was $2.286 million, up 25% over Q3 2006. Price per square foot was down by -8% indicating that the deals closed were on larger homes. Manhattan-wide, the number of deals closed was up by 20%, however fewer deals were done with -54% closed when compared with a year earlier. I believe that this actually reflects a shortage of inventory downtown as prices have risen, indicating increased competition for whatever is available.
The 
, one of the textbooks for the NY State Real Estate licensing exam; it was also a 
Q. I'm about to buy my first apartment in New York, but how can I tell if a seller's asking price is too high?
