Manhattan Seems Immune to Slowdown

Sule Aygoren Carranza is managing editor of Real Estate Forum and editor of Multi Housing forum, from which this article is excerpted.

New York City—The slowdown in the housing market nationwide apparently hasn’t made a dent in the Big Apple’s residential sector. According to Prudential Douglas Elliman, prices for cooperative units, condominiums, luxury residences and lofts in the city were at or near record levels at the end of Q3 2007, the most recent figures available.

Across the residential spectrum, the average price per sf for a unit was $1,144, a 9% increase from the $1,050 reported in Q3 2006 and 0.4% higher than the $1,139 in the second quarter. For a unit, the average sales price came in at nearly $1.37 million, up 2.7% and 6.3% from the prior quarter and year, respectively, when the price was $1.33 million and $1.29 million.