Has it really been almost a month since we last reported on the stupendous ongoing boom in the market for Manhattan condominiums? Well, yes, we did write this almost a month ago, but it's not like we haven't talked about it since. We've talked about absorption rate and the spike in Manhattan apartment sales, among other things, but we've always really been talking about one thing: the stupendous ongoing boom in the market for Manhattan condominiums. Today, we would like to talk about...right, you guessed it. But a new report in today's Wall Street Journal provides more evidence that the Manhattan condominium market turnaround is indeed for real, and showing no signs of dissipating. The bad news, at least for those searching for Manhattan apartments, is that prices on NYC condos seem to be surging right along with everything else.
"Overall, condo prices rose 6.7% to $1,017.49 per square foot in May compared with the year-earlier month, according to Radar Logic Inc.'s RPX Index," the Journal's Brittany Hutson reports. "Sales activity, meanwhile, nearly doubled in May from a year earlier, when Manhattan sales dropped to the lowest level since Radar Logic began tracking data in January 2000." Higher condo prices and higher sales volume: what was that we were saying about a recovery in the NYC condo market?
Again, while it's good that the Manhattan condo market is back on its feet, the relative scarcity of deals on Manhattan condominiums is a bitter pill for New Yorkers to swallow. But while the report finds that prices rose in six of the eight Manhattan neighborhoods surveyed -- the biggest spike, somewhat surprisingly, came in the condo-rich, vacancy-rich Financial District -- there were two neighborhoods in which condominium prices actually declined. If you're looking for good news about Manhattan real estate, you've found it -- the market is to all appearances back in robust health. And if you're looking for a Manhattan apartment, may we suggest the East Village and Lower East Side -- Radar Logic lumps the pair together as one 'hood -- or Murray Hill? Prices there are down an average of 9% -- which is good news for those perusing NYC condo listings buried in this bit of macro-scale good news about the Manhattan real estate market.