Condos Lead NYC Residential Rebound

New York--New York's residential sales market, led by condos and cooperative apartments, continued its rebound during the third quarter of 2010.

Dees Stribling, Contributing Editor

New York–New York’s residential sales market, led by condos and cooperative apartments, continued its rebound during the third quarter of 2010, according to the most recent report by ResidentialNYC.com, a web portal of the Real Estate Board of New York (REBNY). “Interest rates are historically low and prices have stabilized, so we anticipate that New Yorkers sitting on the housing market fence will gain increased confidence and jump into the market,” says Steven Spinola, REBNY president, in a statement.

Overall, the report found that the total dollar value for residential property sales in the third quarter of 2010—which includes cooperatives, condominiums and one- to three-family dwellings—was up 26 percent to $8.36 billion compared to the third quarter of 2009, and up 11 percent compared to the second quarter of this year. The number of home sales increased citywide by 18 percent compared to last year, with a 25 percent increase in Manhattan alone.

Much of the all-homes increase was due to the strength in condominium sales, the report notes. The number of Brooklyn condo sales, for example, more than doubled compared to the third quarter of 2009 from 445 to 914, a 105 percent increase, with a 22 percent increase compared with 2Q10. Citywide condominium sales increased 9 percent to 3,063, compared with the second quarter of this year, while Manhattan condo sales increased 6 percent to 1,619. Manhattan experienced a 5 percent increase in the average sales price to $1,592,000 compared with 2Q10.

The average sales price of a cooperative unit in New York City rose 14 percent to $678,000 this quarter compared to 3Q09, with Manhattan’s average sales price increasing 14 percent year-on-year to $1,046,000. The average sales price in Brooklyn, however, was up only 1 percent to $385,000. Citywide cooperative unit sales increased 15 percent to 3,751 compared with 2Q10; Manhattan sales increased 17 percent to 1,953; and Brooklyn sales increased 35 percent to 622.

Citywide apartment sales—including both condos and co-ops—increased 12 percent to 6,814, compared with the previous quarter. Manhattan sales increased 11 percent to 3,572, while and Brooklyn sales increased 27 percent to 1,536. The average sales price of an apartment in the city during the third quarter of 2010 was $854,000, an 8 percent increase year-on-year.