Since late 2008, most residential data shows long plunge followed by only a small, recent rebound
From the September issue: Sept. 15, 2008, is seared into many New Yorkers’ memories as the day the investment bank Lehman Brothers collapsed, shredding confidence in the economy and shoving stock prices — and apartment prices — off a cliff. As the second anniversary of that dark point approaches, there are glimmers of good news. Overall, Manhattan’s residential market has recovered from the lowest post-Lehman lows logged in 2009. Average prices for Manhattan co-op and condo sales, and for rentals in the borough, have bounced back in the low single-digit percentages since last year. However — like the economy as a whole — the residential market still has a long way to go before it hits a solid recovery (see related story on another possible shoe drop here). Pick almost any residential data series, and its chart looks like a hockey stick — a long plunge followed by a small, recent recovery. [more]
