Manhattan Real Estate Keeps Plummeting

Manhattan Real Estate In The Midst Of Its Longest Losing Streak In 30 Years

Manhattan real estate seems to be plummeting faster than contestants on a Japanese game show!
The Manhattan real estate market saw it’s worst quarter since the financial crisis. Total sales fell 3% in the first quarter according to the report by Douglas Elliman and Miller Samuel. It is the sixth straight quarter of declines. the last 18 months is the longest downturn in the three decades.
The drop stems from a number of issues. Manhattan faces an oversupply of high-end apartments and a lack of foreign buyers. Also, the new federal tax law has hit real estate in high-tax states.

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