Wednesday, February 24, 2010
Average Apartment Price
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