Price of New York Condos Are Increasing Once Again
The housing market slump seems to be affecting every region in nation apart from New York. The price of New York condos rose again earlier this year. The median price of New York condos for sale rose by 17 per cent since 2001.
Reports from a real estate report that was released recently showed that the price of New York condos rose by 17 per cent per square foot since 2001. New York is one of the housing markets that has bucked the downward slump of real estate and continues to grow strong.
The median price per square foot for prewar New York condos is up to $590 from 2000's figure of $503 and at the same time the price of New York new condos in the post war scenario reached $600 compared with $ 511 of the previous year.
The only time that the price of condos in downtown New York fell by a small margin was immediately after the September 11 terrorist attack. Immediately following the attack, there was a decline by 23 per cent in the sale of condominiums. Fewer condos also changed hands during this period of time. Transfers of postwar condominiums also dipped, sliding 15% from 3,140 in 2000 to 2,668.
However, just as New Yorkers sprang to their feet quickly, so too did real estate market. Pretty soon, the price of New York condos was rising once again. Real estate at New York is at a premium therefore condos in New York are expensive. Some of the luxury New York condos for sale sell for more than $ 3 million.
Among the different regions, condos in the east side postwar market saw the highest gains. The median price per square foot of New York condos is $ 625. This is a gain of over 23 per cent.
Condos in downtown New York also saw an increase in price. The price of downtown postwar condominiums also rose in median price per square foot, climbing 17 per cent to $554 from the prior year's $472.
Condominiums in the west side also witnessed a price increase of 8 median. The median price per square foot is $ 611.
