Putting a neat little bow on the real estate boom that was, brokerage Prudential Douglas Elliman and our friend Jonathan Miller of appraisal firm Miller Samuel have issued three reports covering the past decade. The 1999-2008 reports cover Manhattan co-ops and condos, the Manhattan townhouse market and the Hamptons/North Fork market. It'll be the 60-page co-op and condo booklet (graphic examples above) that'll interest most anthropologists curious about a pre-Lehman, pre-Madoff NYC, but it sure leaves off on a cliffhanger, doesn't it? While prices continued to set records through the end of 2008 (in many cases those deals were struck 12-24 months prior), the number of sales started to slip, and inventory climbed. What happens next?! While we try to find Jonathan Miller's crystal ball, let's cut to The Real Deal's summary of how prices performed over the past 10 years:
The average sales price of co-op and condo units surged 207.2 percent between 1999 and 2008 to $1.59 million, and the number of sales increased to 10,299 from 9,522, according to the overall Manhattan report. Townhouses, the subject of the second report, saw a 192.1 percent rise in average sales price to $7.37 million over the prior decade while sales increased 6.3 percent to 151 in 2008. For the same 10-year stretch, the number of Manhattan apartment sales climbed to 10,299 last year from 9,522 in 1999.
Meanwhile, out on the island, the average sales price climbed from $420,000 to $1,500,000 from 1999 to 2008, but sales in '08 were less than half of what they were in '99, just before the madness set in. So, that brings us to the discussion: Any warm-and-fuzzy memories of the past decade (an overnight 200% flip, perhaps?) you wish to share? Go ahead! Want to pluck out favorite factoids from the reports and share 'em? We're down! Willing to predict what the 2009-2018 Jonathan Miller & Sons report will look like? If you dare!
· Home prices up in Manhattan, Hamptons over decade [Real Deal]
· Market Reports [Prudential Douglas Elliman]