New York City ranked sixth among the list of the top 10 worst-selling housing markets, according to Forbes, due in part to its 13 percent sales price drop between 2008 and 2009, and the 13 percent rise in inventory over the same time period. Other cities that have proven hostile to sellers, according to the ranking, are Milwaukee, Wis. and Denver, Colo., which came in first and second places, respectively. Although the report includes data on just single-family homes and not condo units, experts who weighed in on the data determined that those cities with a large presence of condos, like New York City and San Francisco, may have suffered more in the downturn. “Housing gets pulled up along with condos because the luxury market sets the bar so high,” Jonathan Miller, appraiser and president of Miller Samuel, said. “When that market freezes up, sales on single-family homes drop more than they would otherwise.” According to Forbes, it’s that influence that led to New York City’s high rank on the list — “the condominium market has a far greater impact [there] than it does on other cities’ real estate markets.” Conspicuously absent from the list was Detroit, which has seen its housing market suffer tremendously during the economic downturn but did not have readily available sale price data and therefore could not be included.
New York one of worst-selling residential markets: report
April 06, 2010 11:33AM