The previous edition of Three Cents Worth (Bridging the Condo-Co-op Size Gap), generated a lot of constructive discussion about the different size trends of co-ops and condos in Manhattan. One of the commenters asked me to match up last week's chart with average price per square foot. So I did.
On this week's chart I presented the last week's data with pale colors so the focus could be on price per square foot. Although I am not adjusting for inflation, average price per square foot has been rising steadily for the past decade. Nothing new there. However, the growth in new development at the upper end of the condo market has caused the spread between condos and co-ops to generally expand over this period. One could argue that it has pulled up pricing of co-ops as well even though it represents a different market. They are not mutually exclusive. The spread has been getting wider as of late thanks to new development entering the housing stock at much higher price points than existing units (on a per square foot basis).
· Manhattan Co-Op/Condo Price Per Square Foot vs. Square Feet [Miller Samuel]