In this volatile market, it is difficult to predict the bottom. But many analysts today agree sales prices have to fall significantly from the market’s peak for property to move. Not all markets in Manhattan are the same, so The Real Deal commissioned custom data on past sales from PropertyShark.com and on current listings from StreetEasy.com to gauge which markets have already seen a decline, how far off the current listing prices are from recent quarters and which areas are seeing the most price cuts. Jonathan Miller, president of appraisal firm Miller Samuel; Sofia Kim, vice president of StreetEasy.com; and Beverly Sonnenborn, a vice president of Sotheby’s International Realty, also agreed to comment on the price of a sample listing in each market.
Click here for The Real Deal’s map of Manhattan’s biggest price cuts
A sinking island
A survey of top listings and biggest price cuts around Manhattan -- and how much further they might need to fall
February 28, 2009
By Sarah Ryley
