What $1 million can buy you in Manhattan

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Amid the current real estate downturn, pricey real estate markets such as Manhattan have been able to stay afloat in part due to foreign investors. As part of the Million Dollar Homes series on CNBC, Diana Olick took a look at an 800-square-foot, one-bedroom condo, which was sold to a Chinese investor for $995,000. Prudential Douglas Elliman’s Dolly Lenz marketed the Midtown condo, which was originally listed at $1.375 million. “As soon as the owner lowered the price to $995,000, we got over 20 bids and 100 showings in a one-week period,” Lenz said. She also said condos are a better bet in this market, as prices have fallen 20 percent, whereas co-op prices have only fallen 14 percent.