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Manhattan Property Prices Plummet In Fourth Quarter

Property Wire
Manhattan Property Prices Plummet In Fourth Quarter - US - New York - Manhattan - property prices - property market

The New York real estate market continues to be hard-hit by job losses, particularly in the finance sector. The recent surge in bargain sales of Manhattan apartments was offset by a double digit price drop, while apartment inventory levels have actually fallen by one-fourth from a year ago. See the following article from Property Wire for more on this.

Apartment prices in Manhattan, New York, have fallen for a third consecutive quarter as Wall Street job losses continue to drain, according to the latest reports from the real estate industry.

The average price decreased by 10% to $810,000 in the fourth quarter of 2009 from a year earlier, down from almost $1.03 million in 2008, according to figures from New York appraiser Miller Samuel and broker Prudential Douglas Elliman Real Estate.

But the number of sales increased 8.4% to 2,473 as lower prices pushed transactions above the 10 year quarterly average.

All apartments, regardless of size, have been affected by the downturn and most noticeably by job losses with New York City recorded 10% unemployment in November. Fallout from the recession and credit crisis that cost more than 184,000 finance jobs in the Americas is still hurting New York. The city lost 25,200 finance jobs in the 12 months ending in November, according to figures from the state Labor Department.


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