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Three Cents Worth: Manhattan Breaks Away From NYC

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[This week, real estate appraiser, Curbed graph guru, and podcaster extraordinaire Jonathan Miller promotes borough-on-borough violence.]

A twofer this week, mainly because I neglected to send along a chart yesterday to the Curbed folks, a demanding lot who are easily agitated. [That's 10 more lashes, Miller!?Ed.]

Now that the individual quarter results for the boroughs have been posted, I took a look at the market share for each of the five boroughs based on the number of sales and total dollar volume of sales by quarter. I began tracking Staten Island and The Bronx last year and built their historical data back to 2003 with the intention of trending the city each quarter and supplementing the three boroughs already covered. The intention is to weigh whether we are too Manhattan-centric as a proxy for the health of the city housing market as a whole.

I parsed out the boroughs by residential sales by number of units and total dollars. The scope of the Manhattan breakaway is evident with the surge in sales that began in 2006. The formula for that: Manhattan new development + luxury housing prices.

The second chart looks at borough market share based on dollar volume and it's got to be a bit of a concern for NYC, tax wise. The half-of-all-eggs-in-one-basket borough of Manhattan had total sales dollars exceeding 50% of the the five-borough total since early 2008, not coincidentally, the peak of the Manhattan housing market. Say what you want about the excesses of Wall Street and its linkage to the Manhattan housing market, it's influence and importance of real estate tax revenue to NYC seems critically important.
· NYC 5-Borough % Market Share by Number of Co-op, Condo, 1-3 Family Sales [Miller Samuel]
· Three Cents Worth archive [Curbed]