Manhattan Housing Prices Off by 20%

The Real Deal reports that, according to the Federal Reserve's "Beige Book," Manhattan co-op and condo sale prices have "fallen by 15 to 20 percent since mid-summer, though it is hard to get a clear handle on prices due to thin volume. Much of the recent activity is reportedly from desperate sellers." Sales volume was also apparently off by 28% for the first three quarters of 2008, and appraiser Jonathan Miller explains, "A drop in transactions always precedes a drop in prices, because it leads to [an] increase in inventory. It's really a canary in the subway." Still, some brokers are trying to insist business is picking up, with open house attendance rising recently—which some Curbed commenters question.

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By Jen Chung in News on December 17, 2008 12:24 PM

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MrManhattan

And in the death...

As the last few corpses lay rotting on the slimy thoroughfare

The shutters lifted in ancient Temperance Building

High on Poacher's Hill

And red mutant eyes gazed down on Hunger City

No more big wheels

Fleas the size of rats sucked on rats the size of cats

And ten thousand peoploids split into small tribes

Coveting the highest of the sterile skyscrapers

Like packs of dogs assaulting the glass fronts of Love-Me Avenue

Ripping and rewrapping mink and shiny silver fox, now legwarmers

Family badge of sapphire and cracked emerald

Any day now

The year of the Diamond Dog

(Hey, Bowie saw it coming back in '74 don't say you weren't warned)