A new Douglas Elliman Real Estate report finds that Manhattan's housing market is experiencing softening sales that local experts attribute to hard-headed sellers.
The higher end of the market in the borough has been subject to price cuts and falling sales for some time, but now the lower end is also encountering sluggish sales, with an 11 percent decrease over July, August, and September, per the reports findings. This marks the fourth quarter of decline. Report author and CEO of real estate appraiser Miller Samuel Jonathan Miller tells Business Insider that the softening of the low end is a relatively new trend, and runs contrary to the past few years where supply of smaller, more affordable rental units were snatched up with lightning quickness. "My prediction is that sales snap back when sellers get more realistic about pricing," Miller said.
Until recently, it was mostly buyers in Manhattan's luxury housing market who were spoiled for choice. The aggressive price cuts and vacancies in the priciest apartments that cost over $1 million have been well documented, including at 432 Park Ave., the slim, squarish tower that's the world's tallest residential building.
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