Manhattan Real Estate Sales Plunge

Posted by: Chris Palmeri on January 6, 2009

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Manhattan real estate sales plunged more than 40% in the fourth quarter to 2,500 units, accoding to the latest survey from the Corcoran Group brokerage firm.

Median sales prices for all properties inched up 3% to $937,000, according to the firm. But that was only because sales of some pricey new condos lifted all boats. Look only at sales of existing units and prices fell 4% in the quarter, to a median of $759,000.

What will that buy you exactly? Not much by the standards of the rest of the country. Corcoran’s Web site lists an open house this weekend for the 1,200 square foot one bedroom apartment on West 78th St. pictured above. The price: $795,000.

Reader Comments

Claire's Messinian Properties

January 10, 2009 5:09 AM

Property market all around the world are crash, but still the Greek property market is stable and the greek economy is growing. For more information about greek properties look at www.claires-messinian-properties.com

Carl

January 23, 2009 12:58 PM

Actually, I think there is still ample opportunities here in the US despite all the negativity surrounding the real estate market. The media has an important role in the pessimistic outlook and though I do think this has validity, in my neck of the woods, things are not that bad. I still encourage anyone who thought about investing in real estate to "keep hope alive". It is still possible and now is possibly one of the best times to buy. Be smart..get educated..start a plan. If you are ready (or still not convinced) read Rick Vazquez "The Pizza Delivery Millionaire". It gives great tips and insight and shows how anyone can become financially free with real estate! Keep up the good work Chris.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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