Market won’t turn up in January

December 17, 2008 11:01AM

While sales and prices usually increase in Manhattan between the fourth quarter and the following year’s first quarter, this year won’t follow suit because of low third- and fourth-quarter transactions, a down economy and increasing layoffs, experts say. In each of the past four years, the median sales price has increased in Manhattan, and sales have jumped, except for 2007 entering 2008, when sales volume fell, according to appraisal firm Miller Samuel. “We are coming off really tough third and fourth quarters, and I think it will definitely carry over; there aren’t going to be any miracles,” said Luigi Rosabianca, managing member at real estate law firm Rosabianca & Associates.

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