Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By CANDACE TAYLOR NEW YORK -- A Prudential Douglas Elliman report 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. Other areas of the country have seen real estate activity and prices decline gradually over the ...
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