Sales Information: First Half '07

Sales activity on the Lower East Side continues to be dominated by the giant co-ops of Seward Park, Hillman and East River. Aside from these, a number of new and forthcomng condos represent attractive options for buyers.

Seward Park

STUDIOS: The average price for studios rose slightly, by 2.9% during the first half of 2007 as compared to the 2nd half of 2006, from $311K to $320K, while total inventory sold dropped by 16.7%, or from 6 to 5.

ONE BEDROOMS: One bedroom apartments saw the greatest increase in terms of inventory (up by 400%, climbing from 2 units sold during 2nd half of 2006 to 10 units for the first half of this year), and the greatest percentage decrease in average price, falling 5.1% to $448K from $472K. Because of the increased size of the data pool, these numbers would seem to more accurately represent current value for these apartments. One bedrooms were the only apartments to register a price per square foot of less than $600, falling just shy at $597.

ONE BEDROOMS WITH BALCONY: The inventory of these
apartments decreased by 64%, with 4 sold during the first half of 2007 as compared to 11 in the latter half of 2006. Average price remained somewhat constant, decreasing marginally, from $487K to $486K, or approximately 1%. Price per square foot was $608 based on figures for the first half of 2007. One special high floor apartment was sold in this category for $565K, again illustrating the premium paid for great views.

TWO BEDROOMS: Two bedroom apartments registered the highest percentage increase in average price, up 10.5% to $685K in 2007 from $620K for the latter half of 2006. Because only 2 apartments in this category were sold, it must be noted that the above mentioned % increase may be due to statistics rather than a real increase in value.

TWO BEDROOMS WITH BALCONY: These apartments experienced
a drop in inventory sold, falling from 11 for the latter part of 2006 to 7 for the first half of this year. Accompanying this drop in inventory was a slight decrease in average price, down 1% to $683K from $690K for 2006. Despite that decline in average price, two bedroom apartments with balconies claimed the 2nd highest figure (2nd only to 3 bedrooms) in terms of average price per square foot, coming in at $683 for the first half of 2007.

THREE BEDROOMS: Average price for Seward three bedrooms dropped slightly in the first half of this year, down 3.8% to $864K from $898K for the latter half of 2006. Interestingly, these rarely available apartments claimed the top spot in terms of average price per square foot ($691), falling just shy of the $700 mark.

[Back to top]

Hillman

STUDIOS: As would be expected with rarely available studios (a total of 6 sold over a 2-year period), only 1 changed hands during the first half of this year, selling for $270K, down 3.6% from the average of $280K for previous 6-month period. Also of note, studios registered the only price per square foot figure below $500, coming in at $491/sq. foot. Even rarer than studios, the first efficiency in over 2 years was sold for $335K during the first half of 2007.

ONE BEDROOMS: Hillman one bedrooms had the only increase in average price for all of the categories considered during the first half of 2007, up slightly (3.4%) to $422K. There were no new stand out sales for this group, and total inventory sold for one bedrooms was down by 40% as compared to the latter half of 2006.

TWO BEDROOMS: The only category to experience an increase in inventory sold, jumping from 2 to 6, or up by 200% for the first half of 2007, two bedrooms saw a slight decrease in average price, down by .4% to $558K for the period considered. Because there were more units sold, without a new record price set to potentially skew the data, this average price of $558K should be a fairly reliable figure for the first half of the year.

THREE BEDROOMS: Reversing the trend from the previous period, the total units sold for 3 bedroom apartments dropped from 3 to 1, falling by 67%. There was also a slight drop in average price, falling by 1.6% from $732K to $720K for the current period. Interestingly, 3 bedrooms logged the highest price per square foot figure ($576) for all categories of apartments considered.

PLEASE NOTE: Interestingly, at Hillman, the total number of units sold per period has remained constant at 13 for the last year. In several categories, there is a very small sample size. In addition, in the first half of ‘07, a 3BR combo (1BR + 2BR) sold for $950K.

[Back to top]

East River

EFFICIENCIES: Sales of efficiencies saw the largest percentage increase in inventory sold, up from 2 to 6, or 200%! Because of this jump in total sold, the current average price ($324K) and price per square foot ($539) probably are a truer representation of value, (larger data pool usually produces more accurate results) - that said, the average price per square foot figure was the lowest for all of the categories considered.

ONE BEDROOMS: Experiencing an increase in both the total units sold as well as the average price, one bedroom apartments logged the greatest percentage increase in average price, jumping 8.7%, from $389K to $423K. Part of this increase in average price is attributable to a sale for $490K that matched the previous record for one bedroom units set in October 2005.

ONE BEDROOMS WITH BALCONY: This category of
apartment sold the greatest number of units for the first half of 2007, totaling 13, which represents a 44% increase over the number sold for the previous period. As with standard one bedrooms, those with balconies also registered a healthy increase in average price, up by 8.1% to $468K. A new record sale of $600K was set in February 2007, besting the previous record of $533K established in July 2005 by a substantial margin. Of the special hi-floor apartments with a terrace, two were sold during the first half of this year, with an average price of $598K.

TWO BEDROOMS: With the exception of efficiencies, two bedroom apartments were the only category to experience a decrease in average price, down slightly (-2%) from $570K to $559K. Marking it the only category to register drops in both price and total inventory sold (down by 38%), units sold dropped from 8 to 5. Interestingly, a two bedroom apartment made from combining 2 1-bedroom units sold for $880K in January 2007!

TWO BEDROOMS WITH BALCONY: Although there was a decrease in total apartments sold in this category (down from 9 to 6 or -33%), there was an increase in average price, up from $580K to $603K, or an increase or 4%. While not setting a new record price, the $680K sale in February 2007 bested all sales for 2006.

THREE BEDROOMS: No three-bedroom apartments were sold during the first half of 2007.

PLEASE NOTE: Total units sold for the first half of 2007: up by 13.9%, from 36 to 41.

[Back to top]