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[Three Cents Worth #265 NY] Gap Between Starter, Luxury Markets Grows

It’s time to share my Three Cents Worth (3CW) on Curbed NY [1], at the intersection of neighborhood and real estate in the capital of the world [2]…and I’m here to take measurements.

Check out my 3CW column [3] on @CurbedNY:

I thought I’d bring out another way to measure the market since we’re over-obsessed with “luxury.” The starter market needs more analysis since affordability is now a key topic of conversation across the U.S. right now. For the more than 20 years of releasing market reports, and in all the other markets we analyze, I have always defined “luxury” as the top 10 percent of sales in a given period. For the “starter” market, I inverted the analysis and defined it as the lowest 10 percent of all sales in a given period. I’ve parsed out the past three years of Manhattan apartment sales by quarter and measured the year-over-year change in average sales price for the luxury and starter markets. I selected “average” over “median” to suss out more volatility…

[My post title was originally “For Starters, Luxury Manhattan Is Further Away” but wasn’t used – the crack Curbed staff didn’t think it was catchy enough.]

3cwNY5-14-14 [4]
[click to expand chart]



My latest Three Cents Worth column on Curbed: Gap Between Starter, Luxury Markets Grows [Curbed [3]]

Three Cents Worth Archive Curbed NY [5]
Three Cents Worth Archive Curbed DC [6]
Three Cents Worth Archive Curbed Miami [7]
Three Cents Worth Archive Curbed Hamptons [8]