Rich People Are the Only Ones Still Buying Houses in NY.

Condos in New York are seven figure, and sometimes eight figure purchases.

The very well off, as opposed to the hyper-rich, cannot afford this, and they buy into co-ops.

The housing market is losing ground everywhere except with the at the very, very, very, top.

Co-ops Slip, but Condos Lead Rise in Manhattan Apartment Prices
By CHRISTINE HAUGHNEY

While housing prices are falling in many parts of the country, the cost of a Manhattan apartment is continuing to rise over all. But a stark divide is emerging between the prices of co-ops and condominiums. More buyers are choosing condominiums over co-ops and are paying far more for them, according to studies being released today.

The average price of a condo in Manhattan rose by as much as 28 percent in the second quarter of this year compared with last year, according to data tracked by four large real estate brokerages. In the same period, the average co-op price dropped by as much as 10 percent. Buyers paid an average of $1.49 million for a condominium, compared with $1.13 million for a co-op, according to figures from Brown Harris Stevens.

Brooklyn did not share Manhattan’s price rise. There were more deals, but the average apartment price dropped by 4 percent, to $629,000, compared with last year, according to data from the Corcoran Group.

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