Announcement made this morning at Real Estate Derivatives World conference in New York City
NEW YORK, NY – February 27, 2008 – Radar Logic Incorporated, the data and analytics company that enables derivatives trading in the RPX™ market, today began publication of the RPX Manhattan Condominium Price. Manhattan condos represent a significant and growing share of the New York City residential real estate market. Manhattan alone makes up over three-quarters of the total value of condos in the five boroughs and over half the total number of condo units.
“Manhattan is a unique market and the Manhattan Condo Price represents a unique investment opportunity,” said Michael Feder, President and CEO of Radar Logic. “We are excited to see this first real sub-market be added to the available RPX contracts that are already trading.”
When compared to Radar Logic’s existing 25 Metropolitan Statistical Areas (MSAs), RPX Manhattan Condo ranked #1 in terms of both median sale price and median price per square foot, with a median sale price of $808,250 and a median 28-day PPSF of $1,139.56 (San Jose, the second most expensive market, had a median sale price of $718,000 and a PPSF of $470.85).
Its concentration of high priced properties puts the value of the Manhattan Condo market in the top half of the current Radar Logic MSAs, despite its smaller geographical size. When ranked against the 25 MSAs by total dollar value of residential sales since January 2006, Manhattan Condo ranks #11, behind Boston ($64 billion) and ahead of Philadelphia ($50.5 billion), with approximately $57 billion in transactions.
The launch of RPX Manhattan Condo Price coincides with the Real Estate Derivatives World conference in New York City. It is the first addition to the 25 MSAs and 25-MSA Composite index launched in August 2007, and is calculated using the same methodology.
About Radar Logic
Radar Logic Incorporated, a real estate data and analytics company, calculates and publishes the Radar Logic Daily™ Prices. The prices track housing values for major U.S. metropolitan areas and are the basis of the Residential Property Index™ (RPX™), a market that enables real estate to be traded as a liquid asset, via property derivatives marketed by seven major financial institutions.
RPX allows real estate and financial professionals to manage opportunity and risk, invest in real estate values without owning physical assets and effectively analyze markets using a consistent metric: price per square foot.
