Excerpt from NYTimes Article posted on NYCity Housing Bubble Blog
...the average price has fallen from the first quarter, when it reached $1.7 million. And data tracked by the brokerages indicates that the market has slowed: there are fewer sales than in the last five years, there are more apartments for sale now than in the past eight years, and more sales contracts are being canceled. Even the pace of growth for luxury apartments, long the strongest segment of the Manhattan market, has slowed. “I have great concern about 2009,” said Jonathan Miller, chief executive of Miller Samuel Incorporated, the real estate research company tracking these numbers for the brokerage Prudential Douglas Elliman. “At some point, you’re going to see prices erode".... Fewer apartments are selling than in the last five years. Data tracked by the Corcoran Group showed that the number of apartments that closed dropped to 2,982 sales in the third quarter, compared with nearly 4,976 at the same time last year. The number of Manhattan apartments sitting on the market is higher than it has been in the past eight years, according to the Corcoran Group. By last month, the number of listings had grown to 10,761 from 8,444 in September 2007. At the same time, far fewer of those apartments actually sold. Just 727 listings were absorbed in September 2008 compared with 858 in September 2007...
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment