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How Low Will The Real Estate Market Go?
By
Jen Chung
Published Mar 7, 2009
Modified Mar 8, 2009
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By
Jen Chung
Published Mar 7, 2009
Modified Mar 8, 2009
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As the economy slips and takes the (overheated) real estate market with it, the NY Times wonders how much NY real estate prices will decrease: "Some industry observers foresee market drops of 40 percent, while others think that is too extreme and suggest that price reductions of 25 percent will more be likely the new norm." Which makes sense, since those Wall Street bankers throwing their bonus money or foreign investors around are rare breeds these days. Still, falling prices isn't necessarily a bad thing to Corcoran Group president Pamela Liebman, who said, "Why should an average one-bedroom with nothing special to offer cost well over a million? The market got ahead of itself, and this correction is good for New York because it brings the affordability back in line.” Well, those real estate brokers making commission off the average not-so-special $1 million apartment weren't complaining!
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real estate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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