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Manhattan Housing Prices Continue To Drop

Magee Hickey CBS
The current state of the economy has New York City real estate prices plummeting. (File)

The current state of the economy has New York City real estate prices plummeting. (File)


NEW YORK (CBS) ― The current state of the economy has New York City real estate prices plummeting.



A three-bedroom apartment on Fifth Avenue languished on the market with an asking price of $7.2 million. But after its owner dropped the price to $5.95 million, a decrease of almost 20 percent, brokers like Kirk Henckels labeled it as priced-to-sell. 

"A lot of the quality on the market has sold," said Henckels, the former Vice-President of real estate broker Stribling. "But it's selling at 25 to 30 percent off. What's selling is what's priced right and in good condition." 

A newly-produced report claimed Manhattan co-op apartment and condominium prices have dropped for the first time since 2002 due to the economic downturn. 

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