Manhattan co-op prices actually rose quite a bit, even though volume was down 35% but, as discussed here last week, NT realtors universally see that as a phenomenon that has ended and is now reversing – NYC’s just beginning to experience what the rest of the country has already gone through.
One note of interest: the Bloomberg story I link to attributes this decline to the loss of Wall Street jobs. Had you heard anything about that? Gosh, that might have implications for Greenwich!
For What It's Worth 
Your monkey is really gonna be mad now, Christopher! Not only are you harming the values of real estate in Greenwich; your actions are now spilling over into NYC!
Perhaps some buyer-brokers in the Twin Cities can hire you? 🙂
I’m sorry, I’m sorry! And you should see what I’m doing in Dubai!
The reason Manhattan prices rose in the fourth quarter was a function of some very expensive, high profile new buildings closing, which skewed the numbers. Think apartments in the tens of millions.
A fellow intrepid (i.e. honest/realistic) broker in NYC, Noah Rosenblatt, at urbandigs.com, has blogged on this issue in particular, and the Manhattan real estate market in general, for quite sometime.
Noah got into the real estate business about the same time you did. Prior to that he was a trader and so has a nice economic bent to his blog as well.
I should have pointed you to his blog earlier. He, too, suffers some of the same slings and arrows as you in your service of the truth.
Keep up the good work.
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As a NYC renter looking to get out, a nice drop in Greenwich real estate prices would be welcome!
Yeah, one thing to keep in mind though, for prices to go down they had to go up to get there. A different, (but perhaps more closer to accurate) headline would be “Manhattan prices start to revert towards 35 year trend line” or something. . . not saying I know what the trend line is, but, the drop is a correction from highs that were unsustainable.
Or….”manhattan prices start to begin normalizing after uncharateristic bubble of the previous decade”.
sigh. Unfortunately, the economy will be far from normal, and will be far off the 35 year trend line for a while to come.
There is a staggering number of houses for sale in the Hamptons right now, the sister market to Manhattan, but no one is lowering their prices. I am sure the brokers are going bonkers trying earn a living in this visible stalemate between buyers and sellers. After such a long long boom, its incomprehensible to many owners that their property has gone down in value.
But guess what? Its two more years from the bottom.
There are loads of houses for sale and i agree with post above prices have fallen
What comes down must go up!