Are Chelsea prices falling?

i've looked at apartments since september and most things have fallen but not enough. on the whole the units that have closed in the hood closed below ask.

how many listings actually closed in the last 30 days? i can tell you from looking at apartments in chelsea that prices are down substantially and i expect them to head substantially lower.

Dept. of Finance numbers (as reported in the Times) said co-ops in manhattan median is down 28% since peak last year... these are the numbers on closings (which become the standard quarterly reports).

So, we're down, and looks like we're going down fast. As for Chelsea specifically, wait till the first quarter final numbers come out, they're usually broken down by neighborhood as well.

As for the numbers in particularly you are talking about, I'm not sure how right on the streeteasy database is in that case. $1255 for chelsea doesn't sound high, but it doesn't sound like crash-level either.

HR - there were 25 recorded sales in the last 30 days.

I had a look at Recorded Sales in Chelsea over the past 60 days between $1-$2m. There were 33 sales. It seemed to me that all except one were sales of new development stuff. Therefore, it would not be unreasonable to assume that the contracts were entered into some time ago (certainly when you look at some of the prices psf, these can't have been post-August). Therefore, it seems to me that the continued closing on property that contracted pre-August is skewing the figures - and will continue to do so.

bump