It’s one of those urban myths–you know, like alligators in sewers! That real estate prices in Manhattan always go up, or, at least, maintain their value.
But if this were ever true (and historically it has undoubtedly not been from time to time) it certainly is not true now.
While sales have actually increased, major New York City brokerage houses are reporting “prices in the fourth quarter of 2009 in the Manhattan real estate market decreased from a year ago,” according to a report in theStreet.com.
One brokerage house reports the median sales price of a Manhattan apartment in the fourth quarter is down about 10 percent from a year ago–and comes in around $810,000, says the report.
Another broker reports prices off by as much as 9 percent.
So, who is actually buying up these properties?
As has often been the case in past years with prime Manhattan real estate, foreigners, especially from India and China, are apparently flush with cash and going on a virtual shopping spree.
But while they are taking Manhattan, they seem to be leaving behind the Bronx, Brooklyn and Staten Island, too!