From Forbes: New York luxury real estate prices have held steady in the six months since Wall Street’s initial slide.But that’s about to change. Million-dollar-plus properties are lingering on the market for up to 90% longer than they did before Bear Stearns was bought by JP Morgan Chase in March.
One reason: The city’s high prices are buoyed by moneyed buyers, many of whom work in finance. Only now they’re not buying homes at the rate they did before. It’s easy to see why: 65,000 layoffs on Wall Street this year, according to the Department of Labor, uncertainty in credit markets and an upcoming bonus season that’s likely to leave a lot of coal in Brooks Brothers loafers….. Full Article: Source