Garfield report: Prices up in 2001

Real Estate Weekly, March 20, 2002

The 2001 calendar year sales of Upper East Side (the neighborhood bounded by 61st and 96th Streets to the North and South and Fifth Avenue and the East River to the East and West).

Residential and commercial townhouses indicated a continued trend of rising prices, increasing demand and decreasing product availability.

The Garfield Townhouse Report noted that in the year 2000 sales totaled 68, while in 2001 sales totaled 47, representing an 8.2% decrease in overall volume.

In the 60s, the turnover rate of 15.3% in 2000 decreased to 9.4% in 2001. Sales volume decreased from 33 transactions in 2000 to 20 transactions in 2001. The average sales price rose from $4,951,781.25 to $5,910,711.76, while the average sales price per SF rose from $891.24 in 2000 to $1,013.32. Sales East of Park Avenue rose on average from $798.40 per SF in 2001 to $858.93 vs. a slight increase West of Park Avenue, which went from $994.54 to $1,161.69 in 2001.

In the 70s, the turnover rate declined from 12.3% in 2000 to 8.7% in 2001. Sales volume declined from 25 transactions in 2000 to 11 transactions in 2001. The average sales price declined from $7,437,080 to $6,973,136.36, while the average sales price per SF rose from $1,060.25 in 2000 to $1,179 in 2001. Sales East of Park Avenue averaged $829.50 per SF in 2001, down from $939.69 vs. a decline to $874.28 p.s.f. from $982.76 in 2000 West of Park Avenue.

In the 80s, turnover rate declined from 11.6% in 2000 to 6.3% in 2001. Sales volume decreased from 16 transactions in 2000 to 7 transactions in 2001. The average sales price rose to $5,123,571.43 or $716.45 per SF. The average sales price per SF rose from $722 in 2000 to $819.71 in 2001. Sales to the East of Park Avenue averaged $808 p.s.f. vs. $648 to the West of Park Avenue.

In the 90s, turnover rate declined from 11.3% in 2000 to 7.1% in 2001. Sales volume declined from 13 transactions in 1997 to nine transactions in 2001. The average sales price rose from $4,218,076.92 to $4,722,222, while the average sales price per SF rose from $772.44 in 2000 to $1,093.57.