Manhattan real estate prices now sliding
Manhattan real estate prices now sliding
Acording to latest report prices in Manhattan real estate prices now sliding. The average price of a Manhattan apartment ranged from $1.66 million to $1.68 million in the second quarter of 2008, according to separate reports released Wednesday by Brown Harris Stevens, the Corcoran Group, Halstead Property and Prudential Douglas Elliman. That represents an increase of anywhere between 25% and 36% over average apartment prices for the second quarter of 2007.
When two of the most elite addresses in Manhattan with units on the market are excluded - 15 Central Park West and The Plaza - the average price comes down to about $1.49 million.
Slow Sales
Sales figures vary from agency to agency, but all report that volume is down significantly. Second quarter sales were down 38% from the same quarter a year ago according to the Corcoran report, which was put together in collaboration with PropertyShark.com. Sales were down 21.8% on a year-over-year basis, according to Prudential Douglas Elliman, and down 18% according to Brown Harris Stevens. Halstead saw a dip of 14%.
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