For sellers, giving back some gains

New York /
Feb.February 26, 2009 02:36 PM

From the February issue: As prices drop in Manhattan, sellers are inevitably feeling like they are losing money because they can get less for their apartments now than they could a year ago. But while they may not profit the way they would have if they had sold while the market was booming, chances are that if they bought before 2005, they will still come out ahead. According to data compiled by Jonathan Miller, the president of the appraisal firm Miller Samuel, the median price of a condo in the fourth quarter of 2008 was $1.12 million. That compares to $1.15 million during the same time in 2007, $1.16 million in 2006, $1.04 million in 2005 and $941,768 in 2004. Going back even further to 2000, for example, the median price was $913,027 — still lower than today’s median. These numbers are adjusted for inflation unlike the usual market report data the firm releases, thus showing bigger dollar declines than those reports. On the co-op side the median price was $675,000 in the fourth quarter of 2008. And while it was higher than that between 2005 and 2007, it was lower in 2004.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Robert Durst (Getty, iStock)
Robert Durst is on a ventilator with Covid: lawyer
Robert Durst is on a ventilator with Covid: lawyer
Zillow CEO Rich Barton (Getty, iStock)
Zillow hits the brakes on iBuying
Zillow hits the brakes on iBuying
More than 27,000 Long Island households behind on rent
More than 27,000 Long Island households behind on rent
More than 27,000 Long Island households behind on rent
91 Sergio Franchi Drive and Sergio Franchi (Sotheby's, Getty)
Sergio Franchi’s 200-acre Connecticut estate lists for $12.6M
Sergio Franchi’s 200-acre Connecticut estate lists for $12.6M
Automatic for the people: SmartRent CEO on why landlords are going all-in on connected homes
Automatic for the people: SmartRent CEO on why landlords are going all-in on connected homes
Automatic for the people: SmartRent CEO on why landlords are going all-in on connected homes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...