Radar Logic Publishes Manhattan Residential Price Indices

Posted by Orb Staff on October 15, 2008 No Comments
Categories : Residential Mortgage

Radar Logic, a real estate data and analytics company, has begun publication of daily residential price indices for eight Manhattan neighborhoods. Residential Property Index (RPX) Manhattan Neighborhood Prices are now available for the Upper West Side, the Upper East Side, Midtown/Clinton, Murray Hill/Gramercy, Chelsea/West Village, East Village/Lower East Side, SoHo/Tribeca and the Financial District.

The Manhattan neighborhood indices are the latest of several data products to be developed by Radar Logic. Last year, the firm introduced the RPX, an index that tracks daily residential real estate prices across 25 metropolitan statistical areas (MSAs). Shortly thereafter, it created the RPX for Manhattan Condominiums. Trading volume in financial instruments based on the RPX – including swaps, forward contracts, options and structured notes – is now approaching $2 billion, Radar Logic says.

RPX Manhattan Neighborhood Prices was developed in response to demand from investors and real estate professionals seeking ways to focus returns and manage risk. More granular indices allow investors and developers to tailor their positions in RPX-based financial products for applications related to particular real estate assets. Radar Logic intends to expand neighborhood offerings to other RPX MSAs in the near future.

"We are very pleased with the accelerating interest in RPX and the growing liquidity in the market," says Michael Feder, CEO of Radar Logic. "The introduction of Manhattan Neighborhood Prices is one more step toward making real estate a truly tradable asset class."

SOURCE: Radar Logic

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