Manhattan Co-Op Prices Plunge 22%

The first deep cracks in the Manhattan residential real estate market are showing up at co-ops.

A new report put out by appraisal firm Miller Samuel and broker Doug Ullman finds that co-op prices have fallen by 22% and that transaction volume has decline by 48%. The price decline is the steepest since 1995.

One bright spot: The sale of new, luxury condos (not co-ops) allowed the median price of condos to a actually tick up a few percentage points year-over-year. We suspect, though, that the numbers would look a lot worse on a same-building basis.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at