Manhattan Real Estate Prices in 2011

Manhattan Real Estate Prices in 2011

Manhattan Real Estate Prices in 2011

Lofts and condos are in with the real estate listings of Manhattan in 2011. Based on sales figures of 150 homes, the average price of a home on the Upper West Side of New York City during November 10, 2010 through January 11, 2011 was $1,056,298. You will only find 4 foreclosed upon properties in this high-end district but over 100 open houses. The number of sales may still be decreasing by 25% on a weekly average but the price is steadily rising by 11.2% during the week of February 9, 2011.

Coops that feature 1800square feet with two bedrooms and three baths can be found for $1,500,000 on 82nd Street while a one bedroom, 1 bath apartment on West End Avenue can be found at a reduced price of $459,000. The SoHo area features an artistic community with nothing to spare in the quality and uniqueness of lofts and condos. A 3 bedroom, 3- bath condo located on Mercer Street currently lists for $4,495,000 with an open space of 3,021 square feet.

Manhattan's Central Park offers a view of the city with apartments and coops that are prestigious in nature and a wonderment to live in. A 2 bedroom, 3-bath coop is currently on the market for $6,5000,000 on the Upper West Side that features a 50-foot view of Central Park frontage. Built in 1926, the original herringbone floors were kept and refurbished, giving a unique historical flare to the open space.

The financial district of Manhattan is alive and well with new construction on condos taking place on Wall Street. One recently completed condo lists at $4,100,000 and is perfect for the young executive that has little time to waste away from the office. 6-foot windows against 10-foot ceilings on the 39th floor perched above the Andaz Hotel offers three different views of the loved city. The rivers, bridges and skyline of Manhattan come alive with brightly colored lights and dramatic presence from the open areas of this 3-bedroom, 3 bath luxurious space that features ceruse oak flooring and individual heat pump HVAC systems.

Yes, these homes are selling. Not as quickly as once were but moving at a swifter pace within the past 30 days. One example is a one-bedroom, 2 bath condo on White Street in China Town, selling for $2,379,000 after being on the market for 141 days. There was no decrease in price but a longer than average wait for the property to move.

If any one area in New York City is worth watching for future trends in the 2011 real estate market, it is Manhattan. Decreases in price have slowed dramatically over the past year and new sales are holding steady. Prices will start rising before long, way ahead of the country's prediction of another 6-month wait on real estate to bottom out. The heartbeat of the nation's financial community is still alive and well in Manhattan as shown by stabilized residential real estate transactions.

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