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Manhattan Condo Sales Crash

Posted by: Chris Palmeri on April 2, 2009

central park.JPG

More evidence all the layoffs on Wall Street are begining to hit the Manhattan condo market. According to a new report out today from broker the Corcoran Group and the Web site the median price of an Manhattan apartment fell 11 percent in the first quarter to $749,000 from the same period last year. Sales dropped 52 percent. Inventory rose 29 percent.

Matthew Haines of PropertyShark says: “the market has changed and we are now in a state of price correction.”

Other data out from PropertyShark and Sotheby’s illustrates the premium folks are willing to pay for a view of Central Park. According to the report, the average condo on the park sells for $4.1 million, more than four times the average condo price in the same zip code.

Reader Comments

The Mad Hedge Fund Trader, San Francisco, CA

April 7, 2009 10:36 PM

The Manhattan residential market is now in free fall, after holding up better than every major market in the country for years. Rents have fallen up to 25% since the Lehman bankruptcy in September, dragging down condominium and co-op prices almost as fast. Hardest hit have been units priced in the $1-$2 million range that appealed to up and coming Wall Street traders. This class of newly unemployed former owners is now fleeing the Big Apple en masse. The stratospheric end of the market, the mega mansions and penthouses with those fabulous Central Park views and live-in nanny suites in the $30 million on up range, are still holding up. With industry job losses this year expected to exceed 100,000, expect this downtrend to continue.


April 20, 2009 2:04 PM

I agree with Mad Hedge Fund Trader. The Manhattan market is overpriced significantly in the 1-2mm range. However all of Manhattan is overpriced.

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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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