Finally: Manhattan Real Estate Market To Collapse
We've heard a number of lifelong renters in New York make the same complaint. When will we see the big housing declines like they've had in the rest of the country?
Sure, the market's been shaky in New York, but we really haven't seen the collapse that they've had elsewhere. That looks set to change, according to a new report from Miller Samuel Real Estate Appraisers, cited by the Journal:
But the average prices of units that are under contract but haven't yet closed declined 20% since August 2008, a rapid reversal, according to Miller Samuel Real Estate Appraisers, which co-wrote one report with Prudential Douglas Elliman, one of the city's largest residential real-estate firms. Those sales should close during the first quarter of 2009. A separate report by the Corcoran Group found that transactions in the fourth quarter fell by as much as 53%.