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Jumbo Problem with Manhattan Real Estate

Dawn Wotapka and Kelly Nolan The Wall Street Journal
Jumbo Problem with Manhattan Real Estate - Real Estate - Housing Crisis - Property - USA - New York - Manhattan


The big New York city brokerages put out their first-quarter reports today and the news was picked up by just about everyone.



In our report for The Journal we write that sales are slumping. Crain’s says sales plummeted, the NY Post calls it a “crisis” and the Associated Press writes that the market has taken an historic drop.

Grim news for those big brokerages and apartment sellers, but a ray of hope for New York’s renters, long priced out of the market. Of course, no one’s expecting New York City to see Phoenix-level price drops. Prices remain well above the national median of $165,400. According to StreetEasy.com, Manhattan median condo and co-op resales slipped from a year earlier to $895,000, and $550,000, respectively.


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