Manhattan real estate has experienced significant fluctuations over the past decade, yet apartment prices have remained relatively stable. A report analyzing sales shows that while median prices for condos and co-ops have risen similarly, their markets have diverged: condos have risen by 15.2%, attracting wealthier buyers, whereas co-ops have decreased by 1.3%, as older units struggle against the appeal of newer, larger condos with better features. This disparity highlights a growing rift in the high-end market, particularly as new developments are predominantly condos, leaving co-ops with fewer attractive options for buyers.
New condos tend to be larger than existing co-ops, and higher floor levels mean better views, leading to higher sale prices and market competition.
The volatility in Manhattan real estate comes from the differing behaviors of the condo and co-op markets, not necessarily from overall price trends.
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