Saturday, August 6, 2011
Manhattan vs Case Schiller / CNN market reports
New York City market reports published by CNN, Case Schiller, Census etc all refer to the greater New York City area. This means they include all 5 boroughs of New York City, northern New Jersey and certain areas of Long Island. These reports should not be taken as a measure for Manhattan real estate performance.
Manhattan, compared to the average US city and even compared to New York City is a totally different market. The average US house costs about $180,000. The average New York City housing price is about $450,000. The average price in Manhattan is about $1.2 million.
For Manhattan specific market report, go to this Miller Samuel market snapshot. Miller Samuel is the authority on Manhattan specific real estate data.
I didn't write this because there's a recent negative report. It's something that people, especially our foreign buyers, should know. Rest of the world think New York is Manhattan. When in reality, there is New York state, New York City, and within New York City, an island called Manhattan. Just because something says New York does not mean it's Manhattan.
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