Manhattan apartment prices fell for a third consecutive quarter as Wall Street job losses made the demand decline, also contributing to the decline in co-op and condominium values, as it reached 21% since the market peak.
The median price slid 10% to $810,000 in the fourth quarter from a year earlier, down from almost $1.03 million in 2008. The number of sales jumped 8.4% to 2,473, as lower prices lifted transactions above the 10-year quarterly average.
Values continued to drop across apartments of all sizes, as New York City recorded 10% unemployment in November. Unfortunately, the fallout from the recession and credit crisis that cost more than 184,000 finance jobs in the Americas is still hurting New York. “We have some big macro issues ahead of us,” said Jonathan Miller, president of Miller Samuel. “My view is: We’re not done.”
Via: Alfred Spellman