Manhattan had previously been at the forefront of the world’s luxury real estate market but it’s been revealed that sales have now dropped by 50%. Thats the biggest fall since New York appraiser Miller Samuel began collecting data on the real estate markets in 1989.
The CEO of Miller Samuel has said “Sales were off by 50% because of the weak economy, rising unemployment and, most important, the credit crunch.”
There are even more interesting stats in Miller Samuel’s report including the fact that the price of an apartment in Manhattan has dropped by 24% and the average price is now about $1.26 million.
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