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Three Cents Worth: Checking Under the 'Hood

[This week, our graph table guy Jonathan Miller drills down into your neighborhood. Click on the image to expand.]

This week I was a tablist (in Curbedspeak) rather than a chartist and presented the percent change in the annual price per square foot by neighborhood between 2005 and 2006 and then sorted them. I omitted much of the overlapping areas we track, (ie uptown, downtown, etc.) and went with more specific areas that we cover in our reports. The top (red/hot) and bottom (blue/cold) 5 for 2006 were color coded presented by percent change.

I then showed where those neighborhoods were in the prior year (2005) in the second column section. The third section was a position change column that show how much a neighborhood/market changed over the year, so for example, Harlem + East Harlem increased from 6th position in 2005 to 1st position in in 2006 or +5 positions relative to the other markets covered. Sorry about being so numbers-heavy this go 'round.

The change from 2004 to 2005 (prior year) was characterized by an overall 25.8% increase in price per square foot for all of Manhattan with all but one of the markets experiencing double digit increases in price per square foot. The overall Manhattan price per square foot change would have been between the 9th and 10th ranked markets in 2005. The overall Manhattan average price per square foot change from 2005 to 2006 was 6.8% and fell between the 15th and 16th ranked positions indicating that the higher ranked locations were generally
smaller in size, carrying less weight.

In either year, none of the neighborhoods/markets saw negative price declines and judging by the early going in 2007, "more of the same" appears to be the trend. Of course, this is in distinct contrast to the national housing picture.
· Manhattan Neighborhood Change in Price Per Square Foot [Miller Samuel]