A little factoid for you. Of all the property types in the 5 main neighborhoods of Manhattan (Upper Manhattan, UWS, UES, Midtown, Downtown), its co-ops in Midtown and condos Downtown that are selling the fastest.
Here is the breakdown and the chart on UrbanDigs.com:
Midtown Co-ops – 27 days on market
Downtown Condos – 29 days on market
Upper Manhattan Condos – 40 days on market
Upper West Side Co-ops – 41 days on market
Upper East Side Condos – 44 days on market
Downtown Co-ops – 42 days on market
Upper West Side Condos – 51 days on market
Midtown Condos – 52 days on market
Upper East Side Co-ops – 122 days on market
Upper Manhattan Co-ops – 196 days on market
Thats quite a gap separating the groups. Co-op sellers in the Upper East Side and Upper Manhattan should take note of the current trend hitting their areas. These also appear to be the top neighborhoods that buyers might be able to find good value given this ‘look’ at the real-time marketplace.
Is it a price thing or just a relative weakness in overall demand in these neighborhoods? Combination of both? Thoughts??