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Wednesday, January 7, 2009

Fourth Quarter 2008 Manhattan Real Estate Market Report

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download the latest corcoran report on the Manhattan real estate marketcorcoran reportI'll be posting some excerpts from the Fourth Quarter 2008 Corcoran Report soon, but you can download the complete report as a PDF right now. It's a look at the current state of the Manhattan residential real estate market. This report compares data based on deals that closed in 4Q 2008 (October 1 through December 31) with that of 4Q 2007. The Corcoran Report provides information based on median sale prices (the price halfway between the highest and lowest sale prices), and average price per square foot (the value of a specific unit of space), as well as a variety of other metrics. It was produced in collaboration with PropertyShark.com.

Here's the executive overview: In light of the current recession and the credit crisis, Manhattan’s residential real estate market has entered its most tentative period in recent memory. The Fourth Quarter experienced markedly fewer closings as buyers found financing difficult to obtain; forty percent fewer properties sold in the Fourth Quarter of 2008 than closed in the same quarter a year before. The absence of liquidity has compelled sellers to lower their prices and this quarter’s report reflects the start of that trend in the resale market, where the median sale price dipped by 4%. Sales in new developments— most signed between twelve and eighteen months ago, continue to post strong sales figures, although the pipeline of prominent luxury properties in this category is slowing. To better illustrate their uniqueness and because of the disparity in their schedules from contract execution to closing, the Corcoran Report looks at the re-sale and new development categories separately.

If you have questions please feel free to leave a comment below, email, or call.

fourth quarter 2008 Corcoran Report »