New York City real estate site CityRealty has just published its latest The CityRealty 100 Index, a ranking that lists the top 100 condos in NYC and looks to be an essential guide to anyone who’s serious about buying or renting a condo in the Big Apple.
The CityRealty 100 Index takes into account several factors to determine which are the top condos in the city, including each building’s prominence, its sales history, and also CityRealty’s own rating for each property. Today’s report tracks the performance of the top 100 condos in NYC from October 1, 2015 through to March 31, 2016.
CityRealty says a total of 566 apartments that belong to TheCityRealty 100 were sold during that six month time frame, illustrating how real estate purchases have surged in NYC. In the same time frame just one year before, only 334 apartments were sold. CityRealty says the jump in closings is down to sponsor sales of apartments in newer buildings, which include One Riverside Park, 150 Charles Street and Greenwich Lane.
The site adds that since March 2006, the average price per square foot of apartments in The CityRealty 100 has risen by a seven percent Compound Annual Growth Rate (CAGR). According to CityRealty, that compares well with the CAGR for gold in the last year (+7.8 percent), and is well above the ten year CAGR for the S&P 500 (just 4.4 percent). It’s also significantly higher than the CAGR for the oil sector (-5 percent), which has been shaken by serious volatility in the past couple of years.
Check out the full report into this year's The CityRealty 100 index here, or watch the video below to see the highlights of the report.