It's market report week in Manhattan, and we've been treated to fresh quarter sales reports by Elliman, Corcoran and Brown Harris Stevens with an assist from Halstead (we didn't know study buddies were allowed). So what do all the numbers mean? As it turns out, not much this time around, according to the Times. Inventory rose and the number of sales fell, but prices pretty much stayed the same, with Elliman showing a small increase, and the others showing a slight decrease. What they all can agree on is that co-ops are performing stronger than newer condos, partly because last year's record-setting condo averages were inflated by blockbuster developments such as the Time Warner Center. Meanwhile, The Sun sees a more dire situation in the facts and figures, exploring the potential of a luxury condo glut and crash. How long before we're trading seashells and beads for penthouses at the Cipriani Club? We say six months, give or take another Naomi cover.
· Little Shift in Prices of Manhattan Apartments [NYT]
· Condo Expectations May Be Rethought As Prices Plunge [Sun]
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