It’s official: Manhattan homes costlier than ever

TRD New York /
Sep.September 26, 2013 06:06 PM

Manhattan home sale prices hit new heights in the second quarter of 2013, surpassing the pre-recession peak and jumping 10 percent since the second quarter of 2012, according to the most recent market report from New York University’s Furman Center.

The median sale price for a Manhattan condominium was just over $1.14 million, up from $1.06 million in the same period last year. That’s quite a bit pricier than in Brooklyn, where the average condo sold for $575,000. The citywide median for condos was $770,000, with the lowest median price tag at $131,500 in the Bronx.

Residential sales volume also grew across the city from the previous quarter, increasing 23.3 percent, to 8,045. Year-over-year volume grew most substantially in Staten Island, with an increase of 874 properties, or 26.3 percent over the previous quarter. The Bronx saw the smallest volume increase with 534 properties, or 8.8 percent.

Despite this growth, citywide foreclosures haven’t slowed. Filings across New York City have increased 37 percent since the second quarter of 2012,with roughly half of the affected one- to four-family and condo properties having already received a filing since 2005 — a trend that points to continued distress rather than homeowners entering foreclosure for the first time. There was an at least 20 percent increase in foreclosure filings in each borough, with Brooklyn and Staten Island seeing the largest year-over-year growth. — Julie Strickland

 

Related Articles

arrow_forward_ios
New foreclosure filings are rising again as limits are lifted (iStock)

Foreclosure filings ramp up, especially in minority neighborhoods

Foreclosure filings ramp up, especially in minority neighborhoods
(Getty, iStock)

Hudson’s Bay, Simon Property Group hit with $846M foreclosure lawsuit

Hudson’s Bay, Simon Property Group hit with $846M foreclosure lawsuit
Citizens Bank CEO Bruce Van Saun and SL Green CEO Marc Holliday with 106 Spring Street (Getty; Sl Green; Google Maps)

One of Soho’s priciest retail spaces heads to foreclosure

One of Soho’s priciest retail spaces heads to foreclosure
Senator Mitch McConnell and House Speaker Nancy Pelosi (Getty)

$2.2T House stimulus package would ban evictions for 12 months

$2.2T House stimulus package would ban evictions for 12 months
Governor Andrew Cuomo (Getty; iStock)

Commercial evictions, foreclosures halted through October

Commercial evictions, foreclosures halted through October
Tillary Hotel at 85 Flatbush Avenue (Image via Kutnicki Bernstein Architects)

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure
A million homeowners haven’t requested forbearance on their mortgages — and are now at risk for foreclosure and eviction. (iStock)

1M struggling homeowners didn’t request forbearance. Now what?

1M struggling homeowners didn’t request forbearance. Now what?
U.S. foreclosure filings in August jumped 11% as some states ended relief measures, though continued government intervention has prevented sharper increase (iStock)

US foreclosure filings jump as some states end relief measures

US foreclosure filings jump as some states end relief measures
arrow_forward_ios

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

Loading...