An enlightening article that describes the current real estate markets and cites that the Manhattan real estate market is poised for decline
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given the current volatility of Wall Street. Some of their data revealed some odd market trends. For example, even though the number of sales has dropped significantly, the average price paid actually increased. This is counterintuitive to common supply/demand theory and is something that will catch up with itself the analysis concludes. They cite that the reasoning behind this is because several high end luxury real estate buildings were put under contract 1-2 years ago, and are now finishing completion which pushed the increase in average price – but they maintain that the overall trend for the market is down.
