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Three Cents Worth: That $2 Million Bedroom

[This week, chartman Jonathan Miller breaks down the second quarter data by apartment size (as measured by number of bedrooms). The takeaway: Your guests will have to sleep on the couch. Click on the image to expand.]

This week's chart has the most recent breakdown of the average sales price for co-ops and condos by the number of bedrooms for 2Q 2006. The percent change in average sales price for each size category has also been presented at the bottom of each column. Co-ops showed the most price growth in the 2-bedroom (+23.2%) category while condos showed more gains in the entry-level (studio (+16.5%) and 1-bedroom (+12.6%)) markets. The 2-bedroom (-2.7%) and 3-bedroom (-2.6%) condo categories showed declines.

The tongue-in-cheek title references the roughly $2 million price differential between the 2-bedroom and 3-bedroom markets shown in the chart. This figure is admittedly out of context since there are so many other factors to consider, namely size of the unit and the higher price per square foot seen in larger units. The size of the spread between all categories shows how difficult it can be to trade up.
· Manhattan Average Sales Price by Bedroom [Miller Samuel]