Big decline in apartment prices

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July 7th, 2010

The WSJ is reporting today an update on apartment sales prices and number of units sold. The good news is that the number of units increased 179% yoy to 383 units (137 in April of 2009), and a 20% increase from last month. However, the bad news is that prices are way down. Compared to 2009, the selling price of apartments in Battery Park City and the Financial District had the largest drop of Manhattan: down 17%.

Red areas represent the largest price declines.

Keep in mind that 2009 was the bottom in the economic recession in NYC. Despite the ample bonuses paid out in 2010, it has not seemed to impact selling prices.

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