Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: Anthony@Pacific who wrote (61048)	10/20/2000 8:21:33 PM
From: StockDung	Read Replies (1) of 122087

Manhattan Apartment Prices Drop Below $800,000 as Stocks Swoon New York -- The average cost of a Manhattan apartment fell 7.7 percent in the third quarter to drop back below $800,000, in a sign that a slump in stock prices may finally be affecting New York's housing market, according to a new study. The average price fell to $789,225 from $854,704 in the prior quarter, which was the highest ever recorded, according to a report from residential brokerage firm Douglas Elliman, prepared by appraisal firm Miller Samuel Inc. Also as evidence that the New York apartment market may be cooling, the number of sales fell 15 percent from a year ago, and the average time an apartment was on the market before being sold rose 28 percent. The report tracked the sale of 2,089 apartments located between Battery Park City in lower Manhattan and either West 116th Street or East 96th Street. Douglas Elliman is a subsidiary of Insignia Financial Group Inc., one of the largest U.S. property brokers. (Bloomberg News)

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