Manhattan Third Quarter Sales and Prices

studios up about 9% versus last yr...that matches my comp estimates. Where are all the bears??...ya ya we know, we know,...."you have to WAIT at least 1 year!"..they've been saying that for 9 years now

This article has now been posted at least three times.

http://www.streeteasy.com/nyc/talk/discussion/5405-median-price-up-sales-down
http://www.streeteasy.com/nyc/talk/discussion/5407-why-is-nyc-defying-price-drops

steveF - what do you think about the QoQ change? No need to wait a year

"The Brown Harris and Halstead reports show that the average price of a Manhattan apartment was $1.47 million, up 12 percent from last year but down 11 percent from last quarter. If sales at very high-end developments 15 Central Park West and the Plaza are removed from the figures, Heym said, the decrease from last quarter was 6 percent."

http://ny.therealdeal.com/articles/sales-down-inventory-up-foreshadow-dark-days-ahead

Steve, I don't think Manhattan will go the way of Florida or California but I've been looking at 3 bedrooms. I put in a cap of $2 million and have noticed a lot of properties that started over $2 million have been lowered and many others have fallen to around $1.5 million.
You have to consider the increase in maintenance fees that will be coming too. As Wall Street tax money dries up, you know the city will increase taxes so you can expect a property tax increase that will fall more heavily on condo/coop owners versus 1-4 family houses, as well. I think you will see a decrease in purchasers from the UK and the Euro currency countries as their currencies weakens against the dollar and their economies head south (apologies for the run on sentence).
I think the price figures are inflated by sales on new properties that have been in contract for a year or so.

The median decline last quarter (over quarter) was 2-3%, correct?