May 30th 2014
New York Daily News
The hot Manhattan condo market is finally cooling off.
Prices fell by 1.4% in April, a new report shows — the largest monthly decline in 3 1/2 years.
The dip comes after last year’s 17% increase in the median condo price.
“We’re seeing an adjustment,” said Alan Lightfeldt, an analyst for StreetEasy, which compiled the report.
“After a record-breaking (period), we may have approached the upper price limit.”
People just aren’t setting their hair on fire to buy apartments at these prices.
Real estate brokers are disappointed by the numbers for the spring, typically a busy time for sales.
“People just aren’t setting their hair on fire to buy apartments [at these prices] anymore,” said Jason Haber, a broker at Warburg Realty.
Prices may be falling but it’s still slim pickings for anything but high rollers. Nearly half of the condos on the market in Manhattan in April cost $1.9 million or more.