New York Property Price Trend 4Q 2010

Graph above shows Manhattan New York's property price trend from 1997 through 2010.  Average price per square foot was $328 in 1997 and appreciates to $1058 in 4Q 2010.  This equates to an average annual appreciation of about 10%.

New York Central Park flat: Pros and Cons

New York Central Park Flats:  Pros vs Cons

Many foreign investors ask for Central Park flats/apartments.  One reason is the perceived value of such flats and another is that Central Park is one of the locations foreigners associate with prime Manhattan property.  Other locations include Fifth Avenue and Wall Street.

New York luxury flat

Demand from China and Hong Kong for New York luxury flats has been growing especially over the past year.  One reason is the overvaluation of flat price in Hong Kong and China.  Another is the price uptrend of New York flats and investors are looking to ride the up wave of flat price appreciation here in New York.

Manhattan flat permits and supply

Drastic decrease in Manhattan, New York flat building permits means potential property shortage and hence price increase.  The supply shortage is more dramatic than recovery from previous recessions driven by financing constraints to developers.

               

Carnegie 57 by Extell at 57 Street (top) and 450 W 42 St are amongst the few developments in progress right now.  Carnegie 57, a condo / hotel will be 90 stories and the city's tallest residential building upon completion in 2012.  The hotel component will be known as Park Hyatt.

Luxury residential property, flats in New York

Luxury residential property and flats in New York are in demand by global investors because of the stability of New York residential property and relative value globally.  While Manhattan is the most expensive market in the US, it's a lowly #10 globally in terms of price.

Foreign investors interested in luxury New York property/flats should consider the three points below:

1.  Select a good agent to filter the flats/property.  You can't rely on your own web search of properties from thousands of miles away.  In the US, agents have access to a database which means as long as they are part of the property trade association, they have access to all properties on the market.

2.  Learn about issues such as taxation.  This can be through the right lawyer and accountant that your broker could recommend.

Residential property, flat price trend New York

Residential property (flat) price trend above shows stability of flat price in New York even during the 2009 economic crisis.  During the 2009 downturn, the average property price in the US decreased by 35 percent.  However, the average flat/residential property in New York decreased by about 20 percent.  Manhattan New York has since rebounded from the low of 2009.

The average price of a residential flat in New York is $1095 per sq ft as of Q3 2010.

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