Manhattan Shoots a Tumble
The up-to-the-minutest veridical estate sales numbers from the Corcoran Report render that the Magnanimous Apple, long reckoned to be immune from the housing slump, on the spur of the moment has that falling off feeling.
Home sales were down 34% in the third quarter. The median price of a condo yet rose 10% to $975,000, but that was exclusively driven by some of the fancy newfangled properties coming up the market. Those buidlings were gained no doubt from the bum dollar and affluent foreignors awaiting to invest in one of the world’s superlativest cities. Prices of resale property–condos that had already merchandised hands earlier–were level at $850,000.
The home market kept an eye on a like path last year, with transactions coming down but market prices even waxing. That’s unsustainable though, especailly presented all the carnage on Wall Street and its impact on jobs and pay in Modern York City.
So simply how much will that dream townhouse on the Upper East Side bed you? $10 million, up 37% from last year. And the coolheaded loft in Soho? They are down 26% in price but will stock-still typeset you backward $1.3 million. Waitress a few months.
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