Manhattan Apartment Prices Crash

From The Huffington Post:

(AP) — Apartment prices in the typically resilient Manhattan market plunged in the second quarter by the largest annual amount in decades, data released Thursday showed.

The median price fell between 13 and 19 percent from a year ago, according to four separate reports, and sales were off by half from last year’s totals.

“The city did a nosedive. There was virtually no business,” said Dottie Herman, president & CEO of Prudential Douglas Elliman, one of the largest real estate brokerages in New York.

Multimillion-dollar apartments were the hardest hit. Luxury buyers vanished as Wall Street bonuses and jobs dried up and so-called jumbo loans for anything over $729,750 remained almost nonexistent. That loan limit is less than the median price of a Manhattan apartment, which ranged from $760,000 to $849,000 in the reports.

If I remember correctly, the average price of a Manhattan apartment about 2 years ago was about 1.3 million dollars.  Hmmm.  I smell opportunity.