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Why condo prices haven’t fallen

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“It’s a wonder Manhattan hasn’t collapsed beneath the nail shards nibbled off by nervous condo sellers and their brokers” in a market where it takes 60 percent longer to sell a condo than it did two years ago. The longer time on the market for condos hasn’t resulted in major price reductions because co-ops are still king in Manhattan, and the minority of buyers who purchase condos are apparently still willing to pay a premium for them. more [NYO]

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