Manhattan Apartment Prices Plummeting

Again, few things give me more pleasure than to imagine the suffering of New York City real estate agents.

These people are the lowest form of professional life in the city, and that’s saying something in a town of Dick Fulds and Bernie Madoffs.

At any rate, CNBC reports:

[Super broker Dottie] Herman sees a possible price decline of 20 percent to 25 percent afflicting the entire Manhattan market in the first quarter.

While Clusterstock cites the Wall Street Journal:

But the average prices of units that are under contract but haven’t yet closed declined 20% since August 2008, a rapid reversal, according to Miller Samuel Real Estate Appraisers, which co-wrote one report with Prudential Douglas Elliman, one of the city’s largest residential real-estate firms. Those sales should close during the first quarter of 2009. A separate report by the Corcoran Group found that transactions in the fourth quarter fell by as much as 53%.

Woo hoo! To every real estate agent who told me that New York City is different – limited supply, new immigration, Wall Street bonuses, prices never go down – I say, rot in hell, dicksnot. You were either stupid or a liar.

If you suffer in this downturn, you deserve it.


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