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Sharp Price Drops in Manhattan Apartments
(NEW YORK TIMES) - Manhattan apartment prices fell sharply during the second quarter of 2009, as the limited number of deals struck during the darkest months of the economic downturn began to close, according to a seriesof market reports released Wednesday.
The number of closings fell more than 50 percent, and prices in some categories were reported down as much as 25 percent, compared with the same quarter in 2008. Sale prices were also down from those reported in the first quarter of 2009.
One report, by Brown Harris Stevens and Halstead Property, put the average price of a Manhattan apartment in the second quarter at $1.26 million, a decline of 24 percent from the same period in 2008, and 16 percent below the previous quarter. It put the median sale price at $795,000, 19 percent below the figure in the first quarter of 2008.
Another report, by Prudential Douglas Elliman, found that the median sale price on the resale of existing apartments was down by 25.6 percent from a year earlier. The report, prepared by Jonathan J. Miller, president of Miller Samuel Inc., an appraisal firm, said that the number of sales was down 50.3 percent compared with the same period in 2008.
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