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.
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