Wednesday, January 7, 2009
Fourth Quarter 2008 Manhattan Real Estate Market Report
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.
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