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Sales off 60 percent in first quarter

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According to preliminary first-quarter residential data, apartment sales are off more than 60 percent compared to last year. Condominium unit sales in the first quarter totaled $1.8 billion, down from about $5.1 billion during the same period last year, the data shows. “The buyers and sellers have gotten different memos of what the price should be and no one is budging,” said Dolly Lenz, vice chairman of Prudential Douglas Elliman.