The Big Apple: Rents up, condo owners sinking

Luxury markets pulls up Q2 average price, though volume declines

Overall sales volume of condominiums and cooperative apartments in Manhattan has been off about 11 percent so far in the second quarter compared with same period last year, according to a Wall Street Journal analysis of the city’s data.

A year ago, the market was bouncing back strongly from the after-effects of the financial crisis.

Prices have remained flat. Data on closings show that median prices in the second quarter were 1.2 percent below prices during the year-earlier period, while average prices rose by 1.5 percent.

The average price for a Manhattan apartment was about $1.39 million in the latest period. The figures are based on closings filed with the city as of 15 days before the end of each quarter.

Russians are invading

Solaria’s auctioneer tapped for Montauk property

The folks who produced the dismal auction of the Solaria in Riverdale are now offering online bidders the chance to purchase a 3,000-sf house with pool in Montauk.

Conducting the auction, which starts at 12:30 a.m. Sept. 7 and ends at an unspecified time on Sept. 11, is Real Estate Disposition Corp. (REDC).

Providing no end time suggests that sort of flexibility that REDC (and many other auctioneers) crave.

Until you read the fine print in the terms and conditions, you won’t discover