As part of the many data sources available to the professional real estate community, OLR publishes daily market snapshot statistics. This includes average price per square foot paid in different neighborhoods, for coops and condos. The graph shows the average price per square foot for coops and condos in different neighborhoods throughout middle and lower Manhattan.
It is always good to know the average price per square foot in the neighborhoods you are considering for a purchase. It gives you a quick rule of thumb to compare the value of each property against the 'average market.' Great deals will often have lower prices or better features than the average property in the neighborhood. But that's not all....Here's the Bottom Line:
- Flatiron has the biggest difference between condo and coop $/sq. ft prices.
- Coop pricing warrants a second look for active buyers in Chelsea
- Condo sellers in Greenwich & West Village neighborhoods will face few competing properties
- Murray Hill, Kips Bay, and Gramercy Park are centrally located neighborhoods that offer a target rich environment for finding a GREAT DEAL!
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