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Three Cents Worth: The Manhattan Solar System

[This week, chartman Jonathan Miller makes a visit to your neighborhood, comparing price increases around town to the Manhattan average increase. Our man explains it all below. Click on the image to expand.]



In this week's chart, I thought it would be fun to think even bigger than global, more like universal. Actually, I broke out a number of neighborhood markets we cover and tracked the change in price per square foot relative to the Manhattan increase over the past year. In other words, if the overall Manhattan co-op and condo market is zero, how much better or worse did the neighborhood fair against the overall market? For added detail, the the number of sales of each neighborhood is represented by the size of each bubble (no, this does not mean that each market is a bubble).

For example, Yorkville actually appreciated about 7% but since the overall Manhattan market appreciated about 25%, Yorkville was 18% behind the overall market. It still appreciated but not at the same pace as the Manhattan market as a whole.
· 2004-05 PPSF Change By Market Relative to Manhattan [Miller Samuel]