The past year has brought quite a lot of change to the crème de la crème of New York City’s housing market. Now, this could mean a lot of things, but reassuringly enough 2013 was mostly about progress in top-of-the-line NYC residential real estate. As the impact of the recession fades, it is slowly beginning to show which neighborhoods have the best chances to come through with flying colors. Speaking strictly in terms of median sale prices, here’s the list of the top ten priciest areas of New York City.
#10 East Village
Kicking off our list, East Village is clearly proving a point here… Even though it has only managed to climb to the last place of our list, it has scored a growth close to 50 percent compared to the 2012 figures! Bear in mind that last year’s East Village median price of $975,000 is way ahead of several top performers of 2012. Biggest sale? A beautiful single-family home set at 27 Stuyvesant St. priced at $5,250,000.
#9 Upper West Side
Remaining at just under the one-million line, Upper West Side proved to be a cautious player last year. Though the 9 percent plus may not seem a big accomplishment compared to the rest of the list, provided that this growth persists UWS will break the 1-million barrier by next year. Or was this just the beginning?
When it comes to most expensive sales for 2013, 15 Central Park West was the uncontested leader with a $29 million condo sale.
#8 Upper East Side
Upper East Side is only at the 8th place but already well over the $1 million boundary line. A cheering fact not only for the neighborhood in question, but for New York City as a whole!
#7 Carroll Gardens
Undoubtedly, the surprise contender of 2013… Note that Carroll Gardens has not only carried out the largest growth last year, it is also the only neighborhood outside of Manhattan that made it to the top ten.
A Sackett Union condo sale topped the list at $3,110,149.
#6 Flatiron District
Watch out Flatiron District, Carroll Gardens is coming! Yes, the only minus on the list. Still, Flatiron District remains among New York City’s priciest despite the slight descent. Two percent is also the smallest change – we could almost call it stagnant. It could have been worse…
Biggest 2013 sale? A $5.5 million condo set at the very core of the Flatiron District, 254 Park Avenue South.
Even though Flatiron District hasn’t brought any promising results, Midtown in general shouldn’t complain as the 24 percent increase more than counterweights the deficit. It’d better – if a $250,000 increase in median sale price doesn’t do the job, nothing will.
A Trump Tower condo (725 5th Avenue #38F) sold for $16.5 million, topping the list of priciest Midtown residential sales.
#4 West Village
Half a million is half a million. Right… 452,500 is not half a million, but close enough to consider it a truly huge advancement. Anyhow, this 48% leap forward proved to be great enough for West Village to leave Midtown as well as Flatiron District in the dust. Not to mention that West Village’s biggest resi sale (unit #9 of The Abingdon, 607 Hudson St) had a staggering price tag of $29,783,813.
Chelsea also broke the magic 1-million barrier, moreover, the median sale price has exceeded $1,5 million. In other words, this is an almost 60% year-over-year growth, the second largest over the past twelve months.
At the median sale price of almost $2.5 million, SoHo slid down from its glorious first place but still achieved an 11% increase. Now this doesn’t sound like much, but don’t forget this is major league and in SoHo’s case eleven percent means quarter of a million. On the upside, this 36 Crosby Street condo sold for over $12 million.
It is plain that 2013 has been a successful year for TriBeCa as it has officially become the most expensive area of New York City outrunning even SoHo, and not just in any way. At this level, a slight raise is a result in itself, let alone a 24 percent year-over-year growth. In fact 24 percent is – and there is no other way of putting it – colossal. If TriBeCa manages to maintain this rate, it will be in no danger of being overtaken by SoHo, or for that matter by any other neighborhood for quite a while.
How does a top sale worthy of NYC’s priciest neighborhood look like? Check out this 7 Hubert St. condo that topped the list of biggest TriBeCa sales last year with $15.6 million.
Here is the complete list of the 10 priciest neighborhoods in New York City and the trend in asking home prices within the last 2 years:
|Neighborhood||Median sale price 2013||Median sale price 2012||2013 vs 2012|
|TriBeCa||$ 2,724,228||$ 2,200,000||24%|
|SoHo||$ 2,462,500||$ 2,212,500||11%|
|Chelsea||$ 1,540,000||$ 969,210||59%|
|West Village||$ 1,400,000||$ 947,500||48%|
|Midtown||$ 1,300,000||$ 1,050,000||24%|
|Flatiron District||$ 1,172,000||$ 1,201,250||-2%|
|Carroll Gardens||$ 1,170,988||$ 680,000||72%|
|Upper East Side||$ 1,135,000||$ 940,000||21%|
|Upper West Side||$ 999,000||$ 920,000||9%|
|East Village||$ 975,000||$ 665,000||47%|