Industry NewsMarkets & Economy

Manhattan apartment prices tumble 11%

From The Real Deal
Published on Feb 5, 2010

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

NEW YORK -- A Prudential Douglas Elliman report released today depicts the spectacular rise of home prices over the past decade, but also the sudden -- and definitive -- arrival of the real estate slump in Manhattan.

In 2009, Manhattan co-ops and condos saw year-over-year declines for the first time since 1996, the report shows. The average 2009 apartment sold for $1.39 million, down 12.5 percent from the previous year. The median price dropped 11 percent to $850,000 from 2008, while the average price per square foot sank 14.2 percent to $1,073.

Comments