Manhattan Luxury Housing Market Down, Park Ave. Prices Faltering
NEW YORK (AP) -- Park Avenue property owners are feeling a little poorer.
John Montone reports.
In what seemed like a New York-minute, prices of luxury homes in the area suddenly started to fall. One penthouse owner on Central Park West repeatedly slashed the asking price down to $9.9 million from an original $16.5 million, and still no takers.
The median sales price of a luxury apartment slipped nearly 4 percent to $4,022,000 between October and December, compared with the same period a year ago.
That's according to Prudential Douglas Elliman's quarterly report.
The market held up better for the merely somewhat-rich. The median price for all Manhattan apartments -- $900,000 -- gained almost 6 percent in the quarter.
Another report -- from Brown Harris Stevens -- says the median sales price rose nearly 8 percent during the quarter.
However, both reports show a weakening market overall.
TM & Copyright 2009 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO & EYE Logo TM & Copyright 2009 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. TheAssociated Press contributed to this report.
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