Comparing 3rd quarter 2007 to 3rd quarter 2008, real estate prices around here have actually done pretty well, according to the Times.
Neighborhoods that experienced price drops include the Lower East Side and the East Village, where median prices fell 5.5 percent; and Carnegie Hill, where co-op prices decreased 7.2 percent. Median prices in Hamilton Heights and Morningside Heights dropped 30 percent, with sales decreasing to only 19 from 67 in 2007. In Washington Heights, median prices went down 6.3 percent, but the number of sales increased to 24 from 18 in 2007.
The neighborhoods that fared the best through the third quarter included Fifth Avenue and Park Avenue from 59th to 96th Streets, where median prices went up 35 percent. In Lincoln Square, an area between 57th and 72nd Streets from Central Park West to the Hudson River that is home to high-priced apartments in 15 Central Park West and the Time Warner Center, median co-op prices went up 18.6 percent and median condo prices went up 25 percent. Prices also rose in Lenox Hill, where median co-op prices went up 19 percent; and Chelsea, where median co-op and condo prices went up about 6 percent.
Other neighborhoods that experienced increases include Greenwich Village, where median prices for co-ops went up 3.9 percent; Union Square and the Gramercy area, where co-op prices went up 3.3 percent and condo prices went up 2.6 percent; and the Upper East Side, where median co-op prices went up 2.3 percent and condo prices went up 9.1 percent.