Though typically a strong and steady market, falling condo sales indicate that the housing slump has moved into Manhattan.
"Apartment prices have once more become the talk of the town in Manhattan, but this time the talk is of uncertainty and falling numbers. While brokers say they are seeing more activity lately, especially from first-time buyers taking advantage of lower interest rates, housing analysts are predicting a prolonged slump in prices and sales that could last as long as four or five years.
In this year's first quarter, sales of co-ops and condominiums in Manhattan plunged nearly 60 percent from the first quarter of 2008. Average co-op prices fell as much as 24 percent in the same period, according to various market reports released last week.
Condo prices have held up so far, but only because buyers who went into contract long before the downturn were closing on newly completed condominium buildings. But now few new contracts are being signed on unfinished condominiums, and some buyers have been renegotiating contracts or are trying to back out of them. Co-ops and condos make up 98 percent of the residential properties for sale in Manhattan."
FULL STORY: As Some U.S. Markets Level Off, Housing Slump Hits Manhattan
Manhattan Home Sales Slow, Rent Growth Continues
The Manhattan housing market is seeing lower sale prices and a slowdown in demand, but rents in the city are still going up.
What’s in a Name? Investors vs. Speculators
We don’t often make a clear distinction between investors and speculators, which makes it harder to identify harmful behavior — and to find solutions for it.
Fannie Mae Economists Predict Slow Housing Market in 2025
A December report forecasts a continued “lock-in effect” due to high mortgage rates and a low production of multifamily housing.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Congressman Proposes Bill to Rename DC Metro “Trump Train”
The Make Autorail Great Again Act would withhold federal funding to the system until the Washington Metropolitan Area Transit Authority (WMATA), rebrands as the Washington Metropolitan Authority for Greater Access (WMAGA).
The Simple Legislative Tool Transforming Vacant Downtowns
In California, Michigan and Georgia, an easy win is bringing dollars — and delight — back to city centers.
The States Losing Rural Delivery Rooms at an Alarming Pace
In some states, as few as 9% of rural hospitals still deliver babies. As a result, rising pre-term births, no adequate pre-term care and "harrowing" close calls are a growing reality.
The Small South Asian Republic Going all in on EVs
Thanks to one simple policy change less than five years ago, 65% of new cars in this Himalayan country are now electric.
DC Backpedals on Bike Lane Protection, Swaps Barriers for Paint
Citing aesthetic concerns, the city is removing the concrete barriers and flexposts that once separated Arizona Avenue cyclists from motor vehicles.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)