A few takeaways from the report, starting with the median sale price for condos, co-ops and townhouses decreased 34 percent in April compared to April 2015 ... while the median rent just topped that of the Upper East Side.
Specifically:
• Home prices decreased by more than 30 percent year-over-year in March and April; the median price in April was $767,000
• The median rent in March and April reached $3,450, slightly more than on the Upper East Side
• 82 percent of all housing units built in the East Village are rentals, a higher percentage than the one for all of Manhattan (67 percent)
• The smallest home in the neighborhood spans only 250 square feet, yet sold for $500,000 back in 2006
• 34 is the median age of an East Village resident.
You can read the full post here.
And here are more factoids from a handy-dandy infographic via PropertyShark ...
The largest home mentioned in the chart might be this one at 210 E. Fifth St. (It was asking $25 million in 2012.)
22 sales is too small a number for the median housing price to be statistically significant. Otherwise a 30% drop in sale price YoY would be alarming, to say the least.
ReplyDeleteI don't believe 29 Sty is the oldest "home" in the EV, maybe it was the oldest one sold in the past year.
ReplyDeleteI've saying for a while now that the UES is a more affordable place to buy and rent that our neighborhood. Soon they will look the same in every way, sign.....
What percentage of apartments are rent stabalized? What is the average rent in these apartments? What is the impact of having these apts never become available?
ReplyDelete@6:43 is spot on. Think about it: a 30% drop isn't merely a drop, it's 10 points past the textbook definition of a bear market. Without any context, it's a misleading figure to report or repost.
ReplyDeleteEven a cursory look at the original report shows confusion:
"Across all types of properties, condos, co-ops and townhouses, the market has been particularly favorable for East Village lately. March and April saw prices plummeting by more than 30% compared to spring of 2015. The median home sold for about $770K in April, whereas the median home price for all of Manhattan was a little over $1M."
Sample sizes notwithstanding, how is a 30% plummet favorable?
Fuzzy.
"East Village Home Market" is much different than the housing market. Are NYCHA units included in "housing stock?" I'm guessing not.
ReplyDeleteThis is a private report from a real estate company. There must be an agenda behind it. The real estate industry rarely if ever tells the truth.
ReplyDeleteThis is for 9:53 am: I spend $1900 for a 550 square foot studio on East 7th Street. Does this make me an idiot? Just curious.
ReplyDeleteAnon 10:32 AM said:
ReplyDelete"Sample sizes notwithstanding, how is a 30% plummet favorable?"
It's certainly favorable for potential buyers.
- East Villager
The median age is 34. Maybe I'm a slow adult but I have no idea what that stat could possibly mean or even imply or hint at.
ReplyDelete