06.10.2008 - Residential market plagued by price cuts, contract breaks
From Therealdeal.com: Price cut and contract break statistics for the third quarter of this year reflect economic upheaval. According to Streeteasy's third-quarter Manhattan market report, price cuts increased significantly last quarter. There were 2,900 cooperative and condominium unit listings in the third quarter with price cuts from the original prices, averaging 6.6 percent. Price cuts in condos increased 152.5 percent over this time last year and 2.1 percent over last quarter, the real estate data site found. The largest price cuts were at 1120 Fifth Avenue, where a unit originally on the market for $20.4 million was listed for $12.9 million in the third quarter, a decrease of 36.8 percent; and at 18 West 48th Street, where a unit first listed at $1.2 million was then on the market for $790,000. .... Full Article: Source