Some housing market analysts are saying that Manhattan prices are showing weakness. While median prices increased last year, the places being sold were bigger. The price per square foot didn’t change much at $1,004, according to the article.
An older article cites the same sources listing $970 per square foot in July 2005, making the recent price a 3.5% increase. In July 2004, the average Manhattan price was $762 per square foot. Very well, I can see the increase is slowing, but I’d hardly call it sluggish yet.
The first listing on forsalebyowner.com for a single family home in my town is $230.50 per square foot. This led me to think about this: At what price per square foot would I buy a living space in Manhattan? At what price per square foot would I buy a house elsewhere?
Here are my current renting costs: My apartment is 675 sq ft. I am paying about $1.27 per square foot per month. Over fifteen years, that would be $228.60 per square foot.
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{ 2 comments… read them below or add one }
Wow.
That makes my $150 per square foot valuation seem reasonable. When I bought my house, it was approximately $103 per square foot. I just can’t comprehend how someone could afford $1000 per square foot.
120-130/sq ft is the valuation around my area in MD when I was looking for a house (about a year ago). Like Hazzard, $1k+/sq ft seems insane… then again, you get quite a bit for your buck in NYC. (and you typically get more buck too!)