Once Hot Harlem Condo Market is Getting Cold

PropertyShark analyzed Harlem condo sales data, finding a 76% drop in sales between third quarter 2008 and 3Q 2007. Oddly enough, prices increased 3% in 3Q 2008 vs. 3Q 2007. The Observer remarks upon "oversaturation in the Harlem condo market," and PropertyShark CEO Bill Staniford says, "This almost looks like a complete crash; prices are going to have to drop." However, there could be a bright side: The "possibility of substantial Harlem and East Harlem price chops has potential apartment buyers giddy at the reintroduction of a nearly extinct New York species: the newer $300,000 (and under) Manhattan condo." (Curbed wonders if the million-dollar studio has "gone the way of the dinosaur"?) Photo: Paolo Mastrangelo