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NEW YORK CITY: Foreclosures on co-op apartments in New York City (NYC) reached a two-year high during the second quarter, more than four times in number since the second quarter of 2010.
According to US-based tenant broker Optimal Spaces' latest NYC market overview, the spike was fueled by a major uptick in scheduled foreclosure auctions in Manhattan, which had 66 in the second quarter, up from 27 at this time last year and from 41 in the first quarter, the data shows.
In spite of this, the distress that was apparent among Manhattan co-op owners wasn't replicated elsewhere in the city, with all other boroughs which have traditionally been much harder hit by foreclosures seeing year-over-year declines in the number of auctions scheduled during the second quarter, said the report.
However, Manhattan condominium closings remained constant and new development closings increased slightly in June, marking a solid end to the second quarter. Pricing also remained strong and was up in all bedroom categories from studios through six-bedroom units, except for three and four bedroom units.
The overall average closing price for a one-bedroom apartment was US$740,677 (RM2.21 million), up from US$695,841 in May. For a two-bedroom, the average closing price increased to approximately US$1.59 million from roughly US$1.53 million.
Overall, NYC home sales prices also inched upward, while sales activity blossomed in the second quarter of 2011. Sales activity increased 10% from the first quarter of 2011, but is down 4% from the same period a year ago due to unseasonable fluctuations caused by the looming expiration of the homebuyer's tax credit. Meanwhile, sales prices increased 2% from last quarter and 3% from the same period a year ago. In the second quarter the market saw a return to normal cyclical market patterns.
Optimal Spaces is a full service tenant broker offering listings of available commercial real estate in the NYC, including leasing, subleasing, acquisition, disposition, expansion and renewal.
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