Condo Prices Falling Across Manhattan, Radar Logic Report Shows

Neighborhoods across Manhattan saw condo prices slide in September compared to a year ago, with the steepest drop seen in the financial district, where prices fell 16.1%, according to a report from Radar Logic.

The RPX monthly Manhattan Neighborhoods Report showed prices were down on the year in the Upper East Side (-11.8%), the Upper West Side (-11.4%), Midtown/Clinton (-8.1%), Soho/Tribeca (-8.1%), and Murray Hill/Gramercy (-3.2%). Prices in Chelsea/West Village were flat, while the East Village/Lower East side saw a year-over-year rise of 5.1%.

Compared to September 2006, however, prices were still up in all neighbourhoods, led by a 113.2% increase in the East Village/Lower East Side.

On a monthly basis, condominium prices in Murray Hill/Gramercy fell 9.2% in September and were down 8.1% in the East Village/Lower East Side.

The largest year-over-year decline in transaction counts was in the financial district, down 70.9%, followed by the Upper East Side, where transactions were down 31.0%.

By Stephen Huebl and edited by Nancy Girgis
©CEP News Ltd. 2008