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
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Assembly member Pamela Hunter and Sen. Julia Salazar (Facebook, Getty)
Next up: Coalition pushes for good cause eviction
Next up: Coalition pushes for good cause eviction
Triangle Junction at 2201 Nostrand Ave (Google Maps, Getty)
Aldi signs lease for 20K-sf store in Flatbush
Aldi signs lease for 20K-sf store in Flatbush
Greg Norman with 382 South Beach Road and 12227 Tillinghast Circle (Getty, Shawn Hood Media, Google Maps)
Greg Norman picks up Palm Beach Gardens manse after selling Jupiter Island estate for $55M
Greg Norman picks up Palm Beach Gardens manse after selling Jupiter Island estate for $55M
Texas courts ignore federal ban on evictions
Texas courts ignore federal ban on evictions
Texas courts ignore federal ban on evictions
An aerial of 341-347 Madison Avenue and Boston Properties CEO Owen D. Thomas (Google Maps, Real Estate Roundtable)
Boston Properties moves forward with teardown of ex-MTA HQ
Boston Properties moves forward with teardown of ex-MTA HQ
arrow_forward_ios

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

Loading...