Report: NYC Avg Home Prices Down 23% in First Quarter 2009 Largely Due to Big Dip in Manhattan Condo Sales Volume

NEW YORK, NY, Apr 07 (MARKET WIRE) --
The average sales price of a home in New York City (which includes
cooperatives, condominiums and one-to-three-family dwellings) declined 23
percent to $660,000 in the first quarter of 2009 compared to the same
time last year, according to a report released today by
ResidentialNYC.com, the real estate listings web site of The Real Estate
Board of New York (REBNY).

Despite the overall decline, the report found that certain segments of the
market showed signs of life: Queens condominiums saw a 21 percent jump to
an average price of $486,000 and in Brooklyn, Greenpoint condominium
prices increased seven percent to $543,000. In Manhattan, TriBeCa
condominium prices surged 57 percent to $3,578,000 and on the Upper East
Side condominium prices increased 25 percent to $2,377,000 both due to a
concentration of closings at several luxury developments.

The Manhattan average home sales price for all housing types was
$1,424,000, down 11 percent compared to last year. Brooklyn average prices
were down 10 percent in the quarter to $521,000, followed by Queens and
the Bronx, where sales prices dropped eight percent to $422,000 and
$365,000 respectively. Staten Island average prices were down six percent
to $401,000.

The steep drop in the citywide average home sales price is largely the
result of the decline in the number of sales of Manhattan condominiums and
their average sales price. Sales volume for Manhattan condominiums was
down 63 percent in the quarter.

"The declines were to be expected given the economy. However, we must keep
in mind that for a time New York City remained insulated from the housing
market declines in other parts of the country. And even in a declining
market there are still some bright spots where average prices have
increased," said Steven Spinola, President of REBNY. "We are hopeful that
the actions in Washington coupled with New York City's unique assets will
bring credit and confidence back into the market."

The ResidentialNYC.com Quarterly Report, which compiles data provided by
the New York City Department of Finance, found that average sales prices
of condominiums in New York City fell 10 percent to $1,156,000. However,
the average prices for Bronx condominiums increased four percent to
$269,000. These increases in the Bronx and Queens were the result of a
concentration of closings in new developments.

Another bright spot in the condominium market was Park Slope where average
prices rose six percent to $698,000, despite declines in sales activity.

The report also found:

-- The average sales price of an apartment in New York City during the
first quarter of 2009 was $805,000, a 19 percent drop compared to first
quarter of last year.

-- The average sales price of cooperative units in New York City fell by
25 percent to $518,000 this quarter compared to the first quarter last
year, the result of fewer sales of high-end units.

-- The average sales price of a 1-3 family dwelling in the first quarter
of 2009 fell by 18 percent year on year to $526,000.

For other report information including the full executive summary,
visit www.residentialnyc.com or www.rebny.com.

Contact:
Cara Gentile
cara@themarino.org
Christi Mueller
christi@themarino.org
The Marino Organization
(212) 889-0808

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