Tuesday, January 5, 2010

Manhattan Three-Bedroom Apartment Prices Collapse 42%

If you are a serious buyer for a large Manhattan apartment, it is time to start looking. No need to rush into anything. There's probably more downside, but prices, shall we say, are "adjusting nicely".

According to Q4 data from Miller Samuel, median Manhattan apartment prices fell 10% year over year in the fourth quarter, but three bedroom apartments have dropped 42% and and four-bedroom units have dropped 38%.

Note: They still don't come cheap ($2.2 million for a three bedroom), but this is Manhattan, we are talking, and mortgage rates won't be this low again for a long, long time.


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