It is unclear what direction Manhattan real estate prices have moved in during the past three months, but there is no argument that they have fallen significantly in the last year.
Miller Samuel says prices have declined 8.4 percent year-over-year. Halstead Properties and Brown Harris Stevens reported a 14 percent decline. Corcoran Group reported an 18 percent decrease.
"The interesting thing about this was that lower prices drove people back into the market," says Pam Liebman, CEO of Corcoran.
Bill Staniford, CEO of PropertyShark.com, says, "There's still plenty of money sitting on the sidelines … The biggest problem is obtaining financing."
Jonathan Miller of Miller Samuel echoes that. "Underwriting requirements are the most stringent I've ever seen," he says.
Source: CNNMoney.com, Les Christie (10/02/2009)
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