From the March issue: No one is actually announcing a borough-wide “fire sale.” But with hundreds of listings — for homes ranging from trophy apartments in glittering towers to shoebox-sized studios in prewar walk-ups — with price cuts exceeding 20 percent, one could be excused for thinking there was a giant clearance tag on the island of Manhattan. Or that there could be one someday, as analysts are now beginning to agree such steep discounts will only become more prevalent as sellers reckon with the stunning recession that has already scorched big cities across the country. This month, The Real Deal drilled down to examine price cuts in Manhattan, neighborhood by neighborhood. The island was divided into 12 districts (see map in A sinking island), customized data was gathered for each on past sales by PropertyShark.com and on current listings by StreetEasy.com, and industry players discussed how far listings would need to drop for property to move.
Manhattan on clearance: Comparing price cuts by neighborhood
March 03, 2009 03:56PM
By Sarah Ryley
