Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	3/29/2004 4:02:25 PM
From: stan_hughes	of 74559

NYC residential real estate prices up; sales down The average price of residential real estate in Manhattan has nearly doubled in the last 10 years, according to a study released Monday by Manhattan-based brokerage Douglas Elliman. Co-ops and condos, sold for an average price of $872,160 in 2003 up from an average of $450,084 in 1994. Last year alone the price rose by 8.4% from 2002. The report shows a limited inventory and weak economic conditions drove the number of apartments sold down 6.7% from 2002. The only category that showed increased sales was properties with four or more bedrooms, which were up 18.6%. At the same time, average apartment size continues to shrink, down to 1,271 square feet in 2003. That's down 4.1% from 2002 and 21.5% from the 1,621-square-foot average ten years ago. The Manhattan Market Report, prepared by real estate appraisers Miller Samuel, looked at all residential retail sales in the borough from 1994 to 2003. Copyright 2004, Crain Communications, Inc

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