Manhattan Sees Disappointing Sales Figures

Manhattan apartment sales are taking a big hit according to recent sales figures.

Prices are down more than 20 percent from this time last year, and despite the lower sales prices, fewer New York apartments are actually being sold. Despite sales prices at rates unheard of just a few short years ago, some reports show that condo and co-op sales are down by as much as 58 percent in the first quarter of this year.

While high-end condos tend to rise above most economic slumps, the number of units priced at or above $10 million dropped by an alarming 87 percent compared to one year ago.

Industry experts blame consumer confidence to be the major culprit in these disappointing figures. The general attitude is a very cautious- if not a little scared one due to recent negative economic headlines such as the bankruptcy of Lehman Brothers.

Even when the homes were priced at tens of thousands of dollars more than they are now, they only stayed on the market for an average of 140 days as opposed to today's average of about 170 days.

It is expected that while higher-end and luxury units will continue to see a decline, the number of lower priced apartments and condos that are sold in the Manhattan area will continue to increase as more and more people look to scale down or may be purchasing a home for the first time and are shopping with a low budget.