Manhattan condo prices up as supply shrinks

Manhattan condo prices continue to increase as supply is at the lowest level in years, according to Crains New York.  432 Park Avenue, which will be the city's tallest residential tower, is now increasing average asking price to $5,800 per square foot.  This is three years before scheduled completion.

U.S. Home Prices Rise

U.S. home prices rose again in the 20 city S&P/Case Schiller index in June.  The Case Schiller index showed that home prices rose in 18 out of the 20 markets tracked.  It's still 31% off the peak of 2006.

Manhattan, New York apartment prices by neighborhood, zipcode

Manhattan apartment prices by zipcode and neighborhood.

Table from Miller Samuel showing average price, price per square foot by zipcode and neighborhoods.  Expected Tribeca and Soho to be at the top.

Manhattan Real Estate Prices Continue Growth, Fueled by Foreign Buyers

Best-performing cities, from left: Hong Kong, St. Petersburg and Paris

Luxury residential real estate prices begin to slow but Manhattan continues to post gains, driven by
(i) Spring buying season
(ii) influx of foreign buyers capitalizing on the weak dollar

2Q'11 Manhattan real estate prices increased 6.8% compared to a year ago and a solid 3.6% vs last quarter.  Full article below.

New York Property Report 4Q 2010

* Median property prices up 3% to 11% depending on which report you read.  Median price $845,000.
* Average price up as much as 14% driven by properties $3 million and above.
* Still lower than peak of 2008 but higher than bottom of 2009.
* Returning to normal (not crazy) growth rate.  Expect slow and steady appreciation.

New York Property appreciation

New York (Manhattan) property price appreciation history from 1997 to 2009.  Average price per square foot of condo and coop apartments.  Price peak reached in Q1'2008.  Back in 1997, it was only $328 per square foot, increasing to peak of $1289 per square foot in Q1 2008.