Getting Graphic is a semi-sort-of-irregular collection of our favorite BIG real estate-related chart(s).
Click here for full sized graphic.
Christine Haughney, the reporter who presented the A1 (page one) New York Times story today: $6 Million for the Co-op, Then Start to Renovate asked me to come up with a way to present sales prices by some sort of mix to represent what has been happening over the past decade. We came up with a way to do it and the New York Times graphics department went to town on it, so to speak. Christine did a really good job on the article.
While this is my sixth time on A1 (but who’s counting [wink]), I was even more excited about the final result and how clearly the chart illustrates the trend of a shifting mix toward the higher end of the market.
From a contrarian perspective, the chart also shows that even on the island of expensive apartments, there is still a lot of sales activity below $1M. I know, I know, the median sales price in the US is about $220k. But you can buy strawberries in Manhattan at 3am, and that convenience has got to be worth something.
Tags: Getting Graphic
Actually well said, regarding the strawberries, it’s the quality of life issue and Manhattan has it.
I know my comments are usually gloom&doom, so here’s something different:
University Place has seen the demise of Dallas BBQ, a toxic eyesore that held Waverly Place hostage for many years. The smell on that corner was so bad, I avoided it as much as I could (I live about 2 blocks away). Furthermore, a nice little place called Grey Dog opened just north at 12th Street and University, where all the local store owners were predicting that all of University Place would be taken over by chains.
Both of these are positive developments in a city where chain stores and banks seem to spread faster than gangrene in a WWI battlefield hospital (and with much the same result).
New York may suck a little more every day, but it will never suck as much as most of the rest of the country.
L’Emmerdeur – your comments stick to our ribs so to speak. 😉
I agree about banks – its amazing how many new branches have gone into Manhattan. They seem to be willing to pay rents well above other tenants and I have not quite figured out the reason for the premium other than marketing exposure. Seems very inefficient to me.
I live down the block from the old BBQ and I used to walk around it as well to avoid the noxious fumes emanating from it. Good riddance.
Jonathan, I also have not understood the corner bank takeover. I do think it has to do with marketing. I am probably like a lot of people in that I do the vast majority of my banking online. All I really need is ATMs, not full blown branches. Around 5-7 years ago I thought we would see the demise of the local branch. We have seen the opposite.
The saddest example is the Chase 10th and 2nd where the Second Avenue Deli used to be. Makes me think how the neighborhood has changed and not for the better. (Of course, there is a B of A on the facing west corner of 10th and 2nd. We joke how it is like SPy v. Spy with those banks and cannons probably pop out of each of their walls at night so that they can fire at each other.)
Jonathan, I’ve been a reader of the matrix for a few years now and appreciate all the insight and advice you provide. To get right to the point there was a special + curbed graph you you did at the end of 05 titled “New Coop + Condo units entering Manhattan residential market. The data stretched all the way back to 1985 and had projected out to 2008. I was inquiring if you had any plans to update that graph. That graph, and I view them all, wholly explains the Manhattan residential market for the last 20 years. What a visual impact. Anyhow thanks for all your statistical analysis and if you do update, thanks again
While in Chelsea last week, a friend grabbed me and said, “Guess what, we’re getting our first Bank of America ATMs!!!!”
And, he was seriously excited.
I love all the stats and data on manhattan pricing. I looked on your website but could not find the source of the data.
What is the source of the data?
thanks in advance
John K – too funny!
Mike – Now that coops are available its all mainly public record but we fill in all the holes like room count, sq ft, etc. through our own research.
Jonathan, fantastic post. Amazing graphic. Keep up the good work. dave