10-Year Manhattan Residential Market Report - Prepared by Miller Samuel

NEW YORK, Feb. 4 /PRNewswire/ -- The just-released Prudential Douglas Elliman 2000-2009 Manhattan Market Overview reveals that over the past decade, housing prices in Manhattan have doubled, condo sales have increased as compared to co-ops and prices are stabilizing.  Listing inventory and the pace of sales are now consistent with average annual levels of the decade.

Housing prices have doubled with an average price per square foot of an apartment rising 105.6% to $1,073 from $522 in 2000 including the 14% decline from record levels over the past year.  Condo sales began the decade with a 40% market share compared to co-ops and ended the decade with a 54% market share due to new development activity.

"Prices from 2000 to 2009 doubled," said Dottie Herman, President and CEO of Prudential Douglas Elliman.  "And the average sales price is up 3.1% from 2007."

Key Trend Metrics

• Average sales price was $1,393,001 down 12.5% from a record $1,591,823 in the prior year.
• Median sales price was $850,000, down 11% from a record $955,000 in the prior year.
• Average price per square foot was $1,073, down 14.2% from a record $1,251 in the prior year.
• Number of sales dropped 27.9% to 7,430 units from 10,299 in the prior year.
• Listing inventory dropped 24.6% to 7,430 units from 9,081 units in 2008.
• Days on Market was 179 days, up from 143 days in the prior year.
• Listing Discount was 10.2%, up from 4.1% in the prior year.

Other comparisons

• Condo market share grew from 40% in 2000 to 54% in 2009.
• Top 5 condo markets (YOY PPSF) Battery Park City, Financial District, Greenwich Village, Soho/Tribeca, Carnegie Hill
• Bottom 5 condo markets (YOY PPSF) Midtown East/Turtle Bay, Upper West Side, Lincoln Center, Midtown West/Clinton, Lenox Hill
• Top 5 co-op markets (YOY PPSF) Financial District, Midtown West/Clinton, Greenwich Village, Sutton/Beekman, Union Square/Gramercy/Kips Bay/Murray Hill
• Bottom 5 co-op markets (YOY PPSF) Fifth Ave/Park Ave Corridor, Soho/Tribeca, Lincoln Center, Central Park West, Riverside Dr/West End Ave Corridor

To view all of Prudential Douglas Elliman's 4th Quarter 2009 Residential Market Reports, as well as the 2009 Manhattan 10-year Market Report, and the 2009 Manhattan Townhouse 10-year Report, visit http://www.prudentialelliman.com/marketreports.

About Miller Samuel

Miller Samuel is an appraisal and consulting services firm established in 1986 covering the New York City metropolitan area. Miller Samuel provided property valuations of more than $5,000,000,000 in the past year. The company's clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op and condo boards, managing agents, individuals and government agencies. The firm developed what is now the largest database of Manhattan co-op and condo sales covering the sales market back to the late 1970s. For more information visit www.millersamuel.com.

About Prudential Douglas Elliman

Prudential Douglas Elliman Real Estate is New York's largest residential brokerage, with over 60 offices, more than 3,800 real estate agents and a network of national and international affiliates. Prudential Douglas Elliman ranked in the top four of all real estate companies in the nation in 2007 and 2008, and was recently ranked #1 in the nationwide network of Prudential Real Estate Affiliates. The company also controls a portfolio of real estate services, including Manhattan's largest residential property manager, Douglas Elliman Property Management, as well as PDE Title and DE Capital Mortgage. For more information on Prudential Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Prudential Douglas Elliman site at www.prudentialelliman.com.

SOURCE Prudential Douglas Elliman