It’s official: Manhattan homes costlier than ever

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
Reza Merchant and 555 Broadway (Google Maps, LinkedIn)
The Collective unloads Williamsburg dev site to avoid foreclosure
The Collective unloads Williamsburg dev site to avoid foreclosure
Clockwise: 138 Bruckner Boulevard in the Bronx, 305 East 61st Street, 161 Lexington Avenue and 539 West 54th Street (Google Maps)
Dozen deals spell big week for Manhattan investment sales
Dozen deals spell big week for Manhattan investment sales
PS 64 at 605 East 9th St and MRC’s Josh Zegen (Google Maps, LinkedIn)
East Village’s languishing PS 64 nears foreclosure
East Village’s languishing PS 64 nears foreclosure
(Illustration by The Real Deal)
More than 14K LI residents in mortgage delinquency
More than 14K LI residents in mortgage delinquency
From left: Gary M. Tischler, founder and managing partner, Vanbarton Group; Eugene (Gene) Kohn, chairman, KPF (Getty Images, KPF, Google Maps/Illustration by Steven Dilakian for The Real Deal)
Vanbarton quietly taps KPF as NoMad tower architect
Vanbarton quietly taps KPF as NoMad tower architect
432 Park Avenue, Whitney Duan and Maverick Real Estate CEO David Aviram (432 Park, LinkedIn)
Lender suspicious of “missing” billionaire in 432 Park foreclosure
Lender suspicious of “missing” billionaire in 432 Park foreclosure
Steve Witkoff of Witkoff Group, Len Blavatnik of Access Industries and the XI (Getty, TheXI)
Witkoff and Access Industries buy HFZ’s languishing XI condo project
Witkoff and Access Industries buy HFZ’s languishing XI condo project
Gov. Kathy Hochul (Getty, iStock)
Hochul opens $539M homeowner assistance fund
Hochul opens $539M homeowner assistance fund
arrow_forward_ios

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

Loading...