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.
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.