Major drop for Manhattan housing market

April 2, 2009 3:56:23 PM PDT
The recession has hammered confidence in the Manhattan real estate market, with first quarter sales falling to their lowest number in decades. Three reports estimate a plunge in sales of Manhattan apartments between 47.6 percent and 60 percent, although some real estate firms report median sale prices rose slightly.

Analysts say sellers aren't adapting quickly enough to a market that collapsed after Lehman Brothers' bankruptcy and the meltdown of the financial system last fall.

They say buyers don't have the confidence or the wherewithal to take advantage of dropping prices. That's especially true for Wall Streeters in the luxury apartment market.

Even with little hope of a quick economic turnaround, analysts are still looking with some optimism to the second quarter.


NEW YORK AND TRI-STATE AREA NEWS

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