Contract Signings Rise, and Deal-Watchers Exhale

SPRING came late to the Manhattan real estate market this year. After a nearly moribund stretch at the end of 2008 and the beginning of 2009, brokers are reporting that the number of signed contracts rose in June, July and the first weeks of August, traditionally a slow period. [...] Prices, which dropped about 25 percent in the second quarter of the year, compared with the same period in 2008,... [more]

SPRING came late to the Manhattan real estate market this year. After a nearly moribund stretch at the end of 2008 and the beginning of 2009, brokers are reporting that the number of signed contracts rose in June, July and the first weeks of August, traditionally a slow period. [...] Prices, which dropped about 25 percent in the second quarter of the year, compared with the same period in 2008, have not followed the upward swing. “My take-away from the uptick in activity is not that the market is turning, but that the market is not in free-fall anymore,” said Jonathan J. Miller, the president of the appraisal firm Miller Samuel. “We still have a ways to go, but this is certainly good news.” http://www.nytimes.com/2009/08/30/realestate/30august.html?ref=realestate We're halfway there - another 30% down (on average) and people will start buying again. Sorry, JuiceMan, but even Jonathan Miller says prices are down 25%, not the 5% that you claim. [less]