The New York City real estate market is starting to collapse
The Economy, Real Estate July 2nd, 2009
This from CNBC:
Manhattan apartment sales plunged more than 50 percent and the average price dropped 21.4 to 24 percent from a year ago, as the U.S. recession forced many who own a piece of the Big Apple to eat humble pie, several reports said.
But the Manhattan market dropped precipitously as Wall Street and the rest of the New York’s private industries shed jobs.
July 5th, 2009 at 12:02 am
Looks like US economy still hasn’t show any good sign of recovery. This year is a tough year for all.
July 21st, 2009 at 1:45 pm
The recession has been rough on every business but the real estate market it taking it extremely hard. People are not purchasing property because it is not worth a lot. However, if we are going to make it out of the recession, I think small businesses are going to have to take the forefront and keep operating in the economy. Great office space is available for businesses who are looking to expand or try for success in a different location.