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* Average first-quarter residential sale price: $223,580, up 15.84 percent
Manhattan again led the way, recording an average price of $1.265 million, up 16% from a year ago, and Brooklyn posted an increase of 19% with an average sale price for Q3 of $525,000.
Downtown townhouses also set new records, with a median sale price of $4.3 million.
In turn, sale prices can produce values as much as 30% higher than figures produced from a property's income stream.
As the report clearly outlines, the average sale price for single-family homes topped $1 .284 million for 2002 in the Harrison school district, which includes Purchase and West Harrison, putting this market at the top of the list of the report's priciest housing.
"The leap in sale prices in this category is a result of several new luxury condominium buildings that came on the market," explained Halstead.
The Manhattan residential real estate market closed 1998 with a dip in both the broad Manhattan Index and the Silk Stocking Index of average sale prices of residential properties below 96th Street.
After the capital market was shocked mid-year, office sale prices dropped and became more realistic, based upon actual rentals and not "tulip bulb" fever.
Nearly 31 million square feet remains vacant, down six million square feet from 1996, and rents and sale prices continue to creep up.
In terms of sale prices during the first quarter of 1996 in Lower Manhattan, Tribeca led the way with average sale prices that posted $129,000 for a studio; $181,000 for a one-bedroom; $282,000 for a two-bedroom, and $560,000 for a three-bedroom.
* Upper Manhattan industrial real estate may receive a boost from "Empowerment Zone" designation; industrial supply will continue to be threatened by national "big-box" retailers; and competition with retailers for prime locations could increase lease and sale prices 6 to 10 percent.
the sale price in October 2017 and the sale price for M-91 remained