Awesome price reductions in Harlem

Harlem is definately experiencing price reductions, but I am generally not seeing reductions anywhere near this dramatic. The first listing is Washington Heights rather than Harlem, which Hudson Heights aside, is having a much more difficult time than Harlem is. The group that developed my building in West Harlem has a new building in Washington Heights that they haven't been able to sell- although pricing on this project reflects 2006 pricing rather than the 2008 environment. With the proximity to the hospital, it wouldn't surprise me if Columbia buys up the remaining units. I have generally seen price cuts in the 5-10% range in my neighborhood, and I expect further declines, but again, generally nowhere near as dramatic as these listings.

Welcome to the future.

I should have added
http://www.streeteasy.com/nyc/sale/185111-house-251-west-131st-street-central-harlem-manhattan

http://www.streeteasy.com/nyc/sale/160081-condo-201-west-112th-street-central-harlem-new-york
and the following that are closed

239 West 148th Street

Maurice is really working to sell these

And they are still overpriced in this market. This whole city is going to start to see major reductions. Just wait until the new developments can no longer hold their inventory off the market because they need to make payments to the banks just like everybody else. There is very little demand and thousands of units that are being with held by developers to keep inventory numbers artificially low.

dco
you are likely right
most of the brokers are resisting the price cuts
and actually quite a bit of places are still selling -- though it is not clear what the current level of discounting is