Industry observers debate price drops

March 06, 2009 05:57PM

Real estate experts’ predictions for how much the market will drop range from 25 percent, the amount prices have currently dropped year-over-year, to 40 percent, according to the New York Times. If the drop reaches 40 percent, as some say it could by the end of 2010, prices would be back at about 2002 levels. But Pamela Liebman, president and CEO of the Corcoran Group, said that while some apartment prices might drop by 40 percent, the Manhattan market as a whole will not. Hall Willkie, president of Brown Harris Stevens, also said he did not expect so steep a decline.

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