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Manhattan Condo Sales Crash

More evidence all the layoffs on Wall Street are begining to hit the Manhattan condo market. According to a new report out today from broker the Corcoran Group and the Web site the median price of an Manhattan apartment fell 11 percent in the first quarter to $749,000 from the same period last year. Sales dropped 52 percent. Inventory rose 29 percent.

Matthew Haines of PropertyShark says: “the market has changed and we are now in a state of price correction.”

Other data out from PropertyShark and Sotheby’s illustrates the premium folks are willing to pay for a view of Central Park. According to the report, the average condo on the park sells for $4.1 million, more than four times the average condo price in the same zip code.

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