The reports have been released for 3QFY08. The numbers are down. As you know, I do not necessarily focus on PSF when a market is in a transition — I focus the number of closed transactions. The closed transactions will foretell where we stand in 2009 and even 2010…it is not looking buoyant.
Summary of the Miller Samuel Report and the REBNY Report(condos/co-ops):
Down 11.3% from prior quarter
Average sale price in Manhattan: $1,480,363
Up 8.1% over prior year
Average price per square foot: $1,193
Down 5.5% from prior quarter
Up 4.3% over prior year
Number of sales: 2,654
Down 13.9% from prior quarter
Down 24.1% from prior year
In closing: “A refusal to believe that the future is knowable guarantees the increase of risk.”
Time will tell whom in this business will survive.
I am looking forward to the challenge of being a part of this real estate shift and guiding my clients onward…