Manhattan apartment prices, which have soared quarter after quarter, are finally flattening out, according to a report today from the Real Estate Board of New York.
“The trend from the beginning of the year forward, is flat or slightly downward,” Michael Slattery, the Real Estate Board of New York’s senior vice president, told me today. “We’re starting to feel the impact of economic conditions.”
The median price for a Manhattan apartment (condos and co-ops) rose just 2.8% to $845,000 and sales transactions dropped 20% in the third quarter compared to the same period a year ago. Median home prices — including co-ops, condos, and houses — dropped in every other borough (down 9% in Brooklyn, Staten Island, and the Bronx, and down 17% in Queens).
This is a dramatic change. In the first quarter of this year, the median price for a Manhattan home jumped 18%, to $872,000, compared with the same period a year ago. The housing market benefitted from the city’s relatively strong economy and the weak dollar, which has attracted foreign buyers.
Read More: http://www.businessweek.com/the_thread/hotproperty/archives/2008/10/manhattan_apart_1.html
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