In the fourth quarter of 2007, the latest data available, the median sale price for Manhattan coops and condos increased 6.4% compared with that period the year earlier, according to Mr. Miller.
The luxury apartments that make up the top 10% of the market, or those priced at more than $2.8 million, increased 28.4% over the same period. Median prices are more accurate indicators than average prices, as they exclude outlier data, such as the ultra-luxury apartments at 15 Central Park West and the Plaza, which skew average prices upward.
In other New York economic news, the office market slowed in January, with the vacancy rate increasing slightly, to 7.6%, while asking rates were similar to the fourth quarter of 2007, according to the Fed.
Saturday, March 8, 2008
New York City 2010
