Thursday, September 18, 2008

Report: NYC Real Estate in Decline

by Calculated Risk on 9/18/2008 04:42:00 PM

From ABC: Top Broker: NYC Real Estate Already in Steep Decline

Manhattan's finest co-op apartments may have already lost a fourth of their value as a result of the financial crisis, and the worst is yet to come, says leading New York estate broker Kathy Sloane, of Brown Harris Stevens.
Remember when New York city was considered immune?

Kudos to NY agent Noah Rosenblatt of UrbanDigs. When I spoke with Noah at the Inman conference in late July, he told me there were clear signs of a slowdown in New York city, and he thought the RE market would get much worse.