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.

NYC Real Estate Prices to Fall Another 50%

From Zero Hedge, an analysis by Deutsche Bank:

The top 5 MSAs (Metropolitan Statistical Areas) where the pain will be most acute? (no real surprise there):

1. New York-White Plains-Wayne
2. West Palm Beach-Boca Raton-Boynton Beach
3. Miami-Miami Beach-Kendall
4. Fort Lauderdale-Pompano Beach-Deerfield Beach
5. Long Island Nassau-Suffolk