Condo closings steady in 2Q: report

July 11, 2011 03:05PM

Manhattan condominium closings remained constant and new development closings increased slightly in June, marking a solid end to the second quarter, according to a real-time report covering market-wide June deals released today by residential brokerage Core.

Pricing also remained strong and was up in all bedroom categories from studios through six-bedroom units, except for three- and four-bedroom units, with an increase of 28 percent in prices for five- and six-bedroom units.

The overall average closing price for a one-bedroom apartment was $740,677, up from $695,841 in May. For a two-bedroom, the average closing price increased to approximately $1.592 million from roughly $1.527 million.

The lowest average price by neighborhood was $495,975 on the Lower East Side. The highest was approximately $2.637 million in Tribeca.

The neighborhood with the most sales in June was the Upper West Side, with 175 re-sales and 31 new development sales. The average sales price for an apartment in the area was approximately $1.4 million.

Absorption dropped slightly from May and the number of co-op closings was down 36 percent. Availability also dropped in all categories aside from townhouses, which saw a 3 percent increase.

A recent second-quarter report prepared by Miller Samuel for Prudential Douglas Elliman, has a slightly bleaker outlook.

It shows that purchases of condos and co-ops declined 3.8 percent from a year earlier, to 2,650. The median sales price of co-ops and condos also dropped 5.5 percent, to $850,000. — Katherine Clarke