Wednesday, February 24, 2010
Graph shows New York (Manhattan) average apartment prices of condos and coops. The sizes are studio (no bedroom), one bedroom, two bedrooms, three bedrooms and 4+ bedrooms.
* Declines in median price for all apartment sizes.
* Three and four bedroom apartments saw the largest declines in median property price.
* Average apartment price declined by 3.5% for condos and 11.2% for coops.
Apartments in Manhattan are small. Well, it's relative right? Are we comparing to Tokyo and Hong Kong or to Malaysia?
It's roughly $1000 per square foot. Refer New York property price appreciation history for the graph. This means $500K gets you a 500 square feet studio apartment. Studio means no bedroom, the entry level. In Hong Kong, 500 square feet would be a two bedroom apartment. In Malaysia, perhaps the size of a dining room.
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source: Miller Samuel