Matrix Blog

Posts Tagged ‘inflation’

[Three Cents Worth #287 NY] Tracking New York Rents and Asking Prices Over a Century

June 3, 2015 | 6:04 pm | | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Back in 2011, I embarked on a fun research project for Douglas Elliman’s 100th anniversary, in which I traced how sales prices and rents changed since the 1910s. I explain in detail how I did the research here, but I ended up with a very loose proxy to represent price per square foot for sales and average monthly rents during each decade…

2015-6-1curbed

Here are some other ways to view the 100 year trend based on feedback from readers.

2015-6-1curbedDoD

2015-6-1curbedCPIDoD

2015-6-1curbedCPI

[click to expand charts]


My latest Three Cents Worth column: Three Cents Worth: Tracking New York Rents and Asking Prices Over a Century [Curbed]

Three Cents Worth Archive Curbed NY

Three Cents Worth Archive Curbed DC

Three Cents Worth Archive Curbed Miami

Three Cents Worth Archive Curbed Hamptons

Three Cents Worth Archive Curbed LA

Three Cents Worth Archive Curbed Ski

Tags: , , , , , ,


A Fifth Avenue Co-op’s 87-Year Price Increase was 3.6X Rate of Inflation

August 1, 2014 | 6:30 am | |

960fifth$450krecord-1927

[click to expand]

A few months ago there was a record $70M sale of a penthouse co-op sale at 960 Fifth Avenue.  The purchaser paid $5M over list price.

While doing some research I ran across an article in the New York Times archive that described a record Manhattan sale of $450,000 in the same building in 1927.  The apartment was located on the 10th and most of the 11th floor in the same building (aka 3 East 77th Street).

Based on the unit description, I believe this to be Apartment 10/11B which last sold for $21,000,000 on July 24, 2013.   Using the BLS calculator for CPI, a $450,000 sales price in 1927 adjusted for inflation to 2014 dollars would be $6,164,043 or an increase of 1,270%.

However the apartment sold for $21,000,000. an increase of 4,567% or 3.6 times the rate of inflation.

Tags: , , , , , , ,