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NYC Real Estate is Fine, Says NYC Real Estate Industry

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Adding to the recent flood of market examinations is the REBNY fourth-quarter market report, prepared by industry group the Real Estate Board of New York and soon to be available on its ResidentialNYC listings search site (the huge PDF will bring Curbed to its knees if we upload it). We're not going to find much doom-and-gloom in a report put out by the gatekeepers of the industry, and sure enough, the report's summary points out many of the same positive market signs as the brokerages' reports, including an uptick in sales activity and a slowing pace of price declines. What makes the REBNY report a bit different is that it compiles stats for the entire city in one place. This leads to unearthing all sorts of fun factoids by housing type, neighborhood and/or borough. For example: The total value of all residential real estate sales last quarter was $7.9 billion (up 18% from last year), and Manhattan sales accounted for 55% of that total, to the Bronx's 3%. Wanna hear more?

REBNY reports that the number of sales citywide in the fourth quarter jumped to 11,691, up 20% from the previous quarter. Based on those sales, the average price of a home (condos, co-ops and 1-3 family buildings) in the city came out to $679,000, while the median was $450,000. In terms of average price-per-square-foot, Manhattan real estate went for $1,040/foot, Brooklyn $385, Queens $302, Staten Island $257, Bronx $237.

On a more micro level, the cheapest homes in Manhattan are found in uptown 'hoods like Inwood (median sales price was $304,000 in the quarter), Washington Heights ($384,000) and Morningside Heights ($465,000). Soho, with a $2.068 million median in the quarter, is the golden goose. The average condo sales prices in the West Village was a jaw-dropping $4.367 million, thanks to 29 sales of $4 million or more at Superior Ink.

Over in Brooklyn, homes in East New York had a median sales price of $244,000, while their friends to the west in Dumbo paid around $1.238 million. Greenpoint ($745,000) had a higher median than Williamsburg ($558,000) and speaking of the Burg: "Condo sales in Williamsburg doubled quarter on quarter, most likely due to more attractive prices. There were 120 sales in the neighborhood during the fourth quarter and the average price was $590,000. The condo building with the most sales was 72 Berry St, with 24."

Chart alert!


· Residential NYC Reports [residentialnyc.com]