Prices in the most expensive real estate market in the United States have fallen over the past year, according to one expert. Brown Harris Stevens is a luxury real estate firm and it recently revealed that average property prices in New York have fallen for the third successive quarter.
Manhattan is the most expensive place to live in the US and has been generally resistant to past recessions and declines in the market. With the economic problems hitting one of the city’s core businesses – the financial industry – hardest, the inevitable has happened.
Brown Harris Stevens notes that average apartment price fell from $1.60 million, or £1.2 million, in the first quarter of 2008 to $1.49 million in the fourth quarter of the year. Many experts predict that the Manhattan property market will rebound quickly, as there is only a finite amount of space on the island available. Hall Wilkie, President of Brown Harris Stevens, notes that “We’re the last market to be affected by economic woes and we’ll probably come out of it first.” He continued: “This is a finite piece of land so there’s not a lot of new inventory.
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