I don't put much stock in the average price per square foot of one neighborhood to another. WIthin any neighborhood, you will see a very huge range. You are comparing the Upper East Side, a very big neighborhood, with Tribeca, a small neighborhood. Within the Upper East side, the prices are higher near Lexington Ave. and go down as you go east. Other factors are whether you are comparing co-ops to co-ops and condos to condos, or comparing condos to co-ops which you can't do. Different product. Furthermore, much depends upon the type of building, the amenities of the building, the condition of the apt, the floor it is on, the views, etc. Neighborhood averages are not useful when comparing one property to another, which may vary greatly.
Halstead Property, LLC
Comparable sales and the active's trend should give you a good idea if you are hitting a ball park on your price. When the market shifts, best to look at both actives and solds...
Hope this helps,
CDPE â€“ Certified Distressed Property Expert
Beachfront Realty, Inc.
The price per sq foot is calculated by comparing the same product for example: If you are looking for New Condo, 2 bed between Lexington towards Fifth Ave and between 59 and 72nd Street are very different from other grid that you take in the Upper Eastside. Also some buildings are so prime that the specific bulding has its on value due the high demand on that particular building. Today you can find expensives buildings in Upper Eastside and Tribeca with the same price, but still the Central Park Properties are the must. So when you buy a property you have to compare everything with others at the same area. You are welcome to contact me at anytime 917-378-9673 Vera