Manhattan Real Estate in the Tank

From Bloomberg:

There are 11,150 sales listings in Manhattan as of this week, according to Streeteasy, which counts only listings that are exclusive to a brokerage and that have verified addresses. The number is higher than any that Miller Samuel has counted since it began tracking inventory in 1999.

Price reductions, empty buildings…and still they’re not anywhere near a bottom. You want to know what a property in NYC is worth? Look at the value of the apartment in 1995 and then tack on 3-5% inflation per year.

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