The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Mick Mørmøny who wrote (43983)	11/3/2005 1:42:02 PM
From: Mick Mørmøny	Read Replies (1) of 306849

Co-op prices slowing down BY PRADNYA JOSHI STAFF WRITER November 3, 2005 The New York real-estate market is showing just a slight sign of slowing down. The overall median price for co-ops in the third quarter in Manhattan fell 2 percent to $650,000, according to a report released yesterday by the Real Estate Board of New York. Also, the average price of co-ops fell 5 percent when compared with the same quarter last year, but prices on average remained above $1 million. The median price is the halfway mark, meaning half the units sold for above the median price while half sold below the price. Averages tend to be more dramatic, because higher-priced units drive up the overall figure. However, condo prices still remain hot, as the median price in Manhattan jumped 22 percent in the third quarter to $814,000. Average condo prices rose 29 percent to nearly $1.29 million. "The dip in cooperatives can be slightly misleading as it is likely the result of a softening luxury market not necessarily the market overall," said Steven Spinola, president of the board, in a statement. newsday.com

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