Median Real Estate Price Tops $600K, Breaking Record: Report

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Manhattan’s notoriously high real estate prices have gotten even higher, with the average sale price of cooperatives and condominiums exceeding $1 million. The median price also broke a record, topping $600,000.


The through-the-roof prices for residential real estate are cited in the new Manhattan Market Report, a 10-year analysis of sales trends. The study marks the inclusion for the first time of the booming uptown market, north of 116th Street, and east of 96th street.


In the last five years there has been a tremendous surge in development activity in new construction or conversions, according to Jonathan Miller, president of Miller Samuel Inc., the real estate appraisal firm which released the study yesterday in cooperation with one of the city’s leading real-estate companies, Prudential Douglas Elliman.


The study lists the average sales price in that area as $358,657 this year, up from $261,951 last year. To further compound the dramatic change in this market, consider that the average sales price of a co-op or condo uptown 10 years ago was $82,693.


Buying in Manhattan’s formerly over looked northern neighborhoods is a wise investment, according to the president of Prudential Douglas Elliman, Dorothy Herman. While something on Fifth Avenue won’t appreciate much in value, a $200,000 townhouse in upper Manhattan can’t help but increase in value, she said.


Another factor boosting real estate prices is that baby boomers are now in their peak earning years, fueling the luxury and loft market, Ms. Herman said. The average sale price for condos and coops overall, was $1,004,232 this year, up from $850,340 last year. Ten years ago, the average price was $417,585.


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