Manhattan studios: Priced to move

Although Manhattan studio apartment prices reached astronomic highs during the boom years, often fetching $1 million a piece, the market for one-room homes has remained soft, even as one- and two-bedroom apartments show a bit of a rebound, according to the New York Times. The average price of a studio dropped 20 percent to $404,326 in 2010 from its all-time high of $500,479 in 2008, according to Streeteasy.com. “It’s been years since we’ve seen studios in prime neighborhoods priced this low,” said Jill Sloane, an executive vice president with Halstead Property. “[But] studios are hard to move right now.” [NYT]