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July 25, 2008 7:31:55 AM CDT

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Real Estate Slump Strikes Manhattan

Posted Apr 2, 08 3:25 PM CDT in US,  Business 

(Newser) – Manhattan real estate prices hit record highs in the first quarter of 2008, but sales declined, showing that the housing crunch is starting to affect the island, Bloomberg reports. The average price of a Manhattan apartment was $1.7 million, up 33.5% from last year, the New York Times reports, but sales for the same period fell 34%, the most in 18 years.

Because 71 sales of $10 million or more went through in the first 3 months of 2008—compared to a total of 17 in 2007—the average isn't considered a good indicator. More telling are growing inventory and Wall Street job cuts, which point to dropping prices: "You typically see a slowdown in sales activity precede a slowdown in pricing,'' said the president of a New York appraiser.

Sources Bloomberg, New York Times

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The Peter Cooper Village and Stuyvesant Town apartment complex is seen in New York in this Oct. 17, 2006 file photo.   (AP Photo/Mary Altaffer, file)
Large cranes tower over a construction site and the street on the west side of Manhattan, New York, Monday, March 17, 2008.   (AP Photo/Seth Wenig)
The Conde Nast Building is shown in Times Square, New York, Tuesday Jan. 12, 2007.   (AP Photo/Bebeto Matthews)
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Wall Street  • housing crisis  • home prices  • home sales  • Manhattan  • real estate values  • New York real estate


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