Manhattan Apartment Prices Fell For First Time Since 1996

The Real Deal says that a report from Prudential Douglas Elliman "depicts the spectacular rise of home prices over the past decade, but also the sudden—and definitive—arrival of the real estate slump in Manhattan. In 2009, Manhattan co-ops and condos saw year-over-year declines for the first time since 1996." But real estate is still pricey: Back in 2000, the average price per square foot was $552; last year, even though it fell 14.2% from 2008, it was $1,073 (the average 2009 price for an apartment was $1.39 million).