CityRealty Insider > New Developments in the News

New Developments in the News

OCTOBER 10, 2011

3Q cheat sheet: The newest round of brokerage reports point to evidence that the luxury apartment for-sale market strengthened somewhat in the third quarter, though apartments remained on the market longer than they did last year.

Condos and co-ops sold during in the third quarter of this year have remained on the market longer when compared with sales from a year ago, according to a report on luxury apartment sales by the Halstead Company. The average time spent on the market was 111 days—less time than last quarter but up 14 percent from last year. In other third quarter reports, The Corcoran Group saw new development sales increase six percent in median price and three percent in average price per square foot compared to the previous quarter, and Brown Harris Stevens noted that the average price for three-bedroom and larger condos on the West Side were 13 percent higher when compared to last year.

According to the same report, this gain helped nudge the average price for all co-ops to two percent higher over the third quarter of 2010, to $1,180,442, though the average price for studio and one-bedroom co-ops did decline compared to a year ago. All sizes of condo apartments saw their average price rise over the past year.

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