Manhattan homebuyers make fewest first-quarter deals since 2009

Homes (includes all condominium, coopera- tive units and 1-3 family dwellings) The average sales price of a home in New York City during the first quarter of 2009 was $660,000, a 23% drop compared to the average price during the first quarter of 2008. The individual borough\’s average home price declines though were not as steep as the city wide number.

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Home sales in Manhattan plunged by the most since the recession as buyers at all price levels drove hard bargains and were in no rush to close deals. Sales of all condos and co-ops fell 25 percent in the first quarter from a year earlier to 2,180, according to a report Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real.

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Transactions totaled 2,121, the fewest for a first quarter since 2009, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Tuesday. "You have a seller generally overpriced and willing to make discounts that bring them closer to the market, but the buyer is not willing to come up," Jonathan Miller, president of Miller Samuel, said in an interview.

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Almost half of the first quarter’s money was concentrated in Manhattan, which saw $1.4 billion in dollar volume across 36 deals and 42 buildings. This was a monetary gain of 63 percent over the prior quarter thanks largely to three institutional sales for more than $100 million.

Manhattan Home Sales Tumble Most Since 2009 as Buyers Push Back.. Home sales in Manhattan plunged by the most since the recession as buyers at all price levels drove hard bargains and were in no rush to close deals. Bloomberg.

Transactions totaled 2,121, the fewest for a first quarter since 2009, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Tuesday.