Real estate professionals worry about 2009

NY1’s Tara Lynn Wagner talks to industry insiders about what they expect for the New York City real estate market in 2009. The Real Deal’s editor, Stuart W. Elliott, said it will be important to make sure that buyers who return to the market are those who can actually pay their mortgage. Christine Blackburn, a senior vice president at Prudential Douglas Elliman, said she expects a further 5 percent drop in Manhattan prices. Larry Silverstein, president of Silverstein Properties, said he expects the market to turn up by the end of the year.