TW: I posted on my view of Manhattan real estate here back in October. The money quote:
"We lived in Manhattan for three years, awed the entire time by the real estate pricing and annoyed to the point of disgust by realtors who felt we were so blessed to have the opportunity to grace their beloved island (after all we were mere refugees from the wilds of Chicago). The only positive I relish in this whole mess is many of those folks taking a bath. But dagnamit it still ain't happenin'...."
Well it is happening now. Bite me Manhattan realtors.
From Bloomberg:
"Manhattan apartment prices dropped for the first time since 2002 in the second quarter as the collapse of Lehman Brothers Holdings Inc. and Bear Stearns Cos. caught up to property owners in the nation’s most expensive urban market.
The median price fell 18.5 percent from a year earlier to $835,700...“The standstill that existed after Lehman Brothers has been broken, and it was the sellers that cried uncle,”
Values are falling broadly in Manhattan for the first time in the almost four-year U.S. housing recession, with declines now seen in co-operatives and condominiums of every size and price.
...The price of studio apartments declined 16 percent from a year ago to a median of $405,000...One-bedrooms dropped 17 percent to $650,000 and two-bedrooms fell 23 percent to $1.27 million. Three-bedroom units fell 37 percent to $2.35 million and four-bedrooms plummeted 47 percent to a median of $3.92 million.
...James Rosenthal didn’t want to wait. Rosenthal and his Upper West Side neighbor on Riverside Drive near 77th Street put their adjacent apartments up for sale in February 2008 for $6 million, hoping to lure a buyer that wanted to maximize the 3,800-square feet of combined space...Then Bear Stearns collapsed and the neighbors cut their price to $5.75 million, then to $4.96 million. The properties sold for $3.6 million, a 40 percent discount from the original asking price, on April 20, said Rosenthal, who is a senior vice president at New York real estate brokerage Brown Harris Stevens as well as a recent seller.
...“People can’t borrow as much,” said Prudential Douglas Elliman Chief Executive Officer Dottie Herman. “So they can’t spend as much.”
http://www.bloomberg.com/apps/news?pid=20601213&sid=adzeEva9VcQo
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