All is more or less well in Manhattan real estate, according to the second-quarter market reports. Big-ticket developments like the Plaza kept the average sales price on the island at $1.67 million, only a 1- to 3-percent dip from the record prices last quarter. There are some signs of softness, however: Inventory is up, and studios and one-bedrooms are getting harder to sell. Nevertheless, Corcoran Group President Pam Liebman says It is still a party, we are just not serving Cristal. Corcoran, the only major brokerage that features sales data for Brooklyn in its quarterly reports, found that co-op and condo prices in our borough rose 5 percent in the first half of 2008 compared with a year earlier, to an average of $621,000. In Williamsburg, however, the average price fell by 26 percent. And Corcoran’s numbers showed the average price of a single-family townhouse in Brooklyn was down 17 percent, to $1.2 million.
Apartment Sales Remain Vigorous in Manhattan [NY Times]
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