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Manhattan Real Estate Crashes

Joe Weisenthal| The Business Insider
Manhattan Real Estate Crashes - Manhattan - New York - Housing Crisis - Real Estate Market

The Case-Shiller numbers indicated that things are getting worse and worse for the New York region real estate market, and now we have Q2 data for Manhattan specifically, and it's ugly.

According to the  2Q 2009 Prudential Douglas Elliman Manhattan Market Overview, put together by appraiser Miller Samuel, suggests the median price of a Manhattan home, whether it's a condo or a co-op, fell by 25.6% in the quarter, with volume off 50%.

Here are their highlights:

The Manhattan market, as measured by the median sales price of re-sale apartments, fell 25.6% as compared to the same period last year.  The overall number of sales were 50.3% below the same period last year as a result of the tightening of credit, rising unemployment and a recessionary economy.


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