Prices Going Down in Manhattan?-Not So Fast!

Oct 07, 2006

Hoping to find a bargain in Manhattan? Unless you are willing to settle for a gut renovation, an apartment with no light or views, or maybe an estate or foreclosure sale, you better be prepared to open your wallet.

Manhattan co-op and condominium prices retreated a bit in the third quarter of 2006, versus the June period, but they remain more than 10% higher than prices from a year ago, according to numerous marketing reports.

Moreover, don't expect prices to drop anytime soon. The stock market is setting record highs, which means that bonus money on Wall Street will likely set new records as well in 2006. This money has to go somewhere, and a good portion will likely end up in the real estate market.

Sorry Bargain Hunters! Better luck next year.

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