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Summer Sales Report: Prices Down, Not Out

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The Times' Josh Barbanel crunched some numbers over the weekend, and his review of Manhattan co-op and condo closing prices in July and August revealed some sobering truths: average prices were off 7% from the previous quarter, and median prices were down 6%. Howevs, prices were above the levels of one year ago, so while the slow summer sales season was indeed slow, it had a little more pep in its step than last year's. Per usual, closings at 15 Central Park West and the Plaza were not factored in, because those two buildings have become the asterisk of the New York real estate industry. Anecdotal evidence suggests that the number of sales was lower this summer than last. Barbanel also reports that there was a reverse Plaza/15 CPW effect over the past couple months, as closings on lower-priced one-bedrooms and studios surged, which helped to bring down the averages. In Harlem's Kalahari, there were 47 transactions under $1 million logged. Way to muss up the party, guys!
· 'Another Season, Another Market' [NYT]