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BusinessWeek’s headquarters are in this quaint little structure in midtown Manhattan. But just because I work here doesn’t mean I understand the stupefyingly strong local housing market. Manhattan seems to have looked at the national housing slump and said, “Nope. Not here. Not now.”
Here’s a link to a report on the co-op and condo market in the second quarter of 2007. Highlights of the changes from the same period a year earlier:
—The inventory of units for sale fell 31.5%.
—The number of sales rose 103%.
—The median sales price rose 1.7% to $895,000.
—The average price per square foot rose 5.2% to $1,139.
—The average sales price of a four-bedroom apartment rose 36% to $9.2 million.
(If you have a big family and you’re thinking of moving into Manhattan, start picking out which kids you plan to put up for adoption.)
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.