Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
2009: A Buyer's Market For Manhattan Real Estate
Tuesday, January 05, 2010
New York, NY –
2009 was the year of the falling Manhattan real estate market. The sales price of a typical Manhattan apartment was 810-thousand dollars by the end of last year, down more than 20 percent from the housing market's peak in mid 2008, according to New York appraisal firm Miller Samuel. WNYC's Lisa Chow reports.
REPORTER: Co-ops, with their stricter financing requirements, fared slightly better than condos. It was easier to sell a one bedroom apartment, than a three bedroom. But prices were down across the board last year, regardless of apartment type, size or neighbourhood. There was one good sign during the second half of 2009: people finally started to go out and buy. The number of sales jumped 45 percent from summer to fall, and another 10 percent from fall to winter. And even though housing prices are still falling, they're not falling as fast as they were a year ago. For WNYC, I'm Lisa Chow.